Good news: on November 23, the Federal Housing Finance Agency announced new maximum conforming loans limits for 2017 which, for the first time since 2006, have been increased. The increased loan limits are for conforming loans sold through Fannie Mae and Freddie Mac with individual loan limits for 1 to 4-unit properties broken out on a county-by-county basis. The maximum conforming limit has been increased from $417,000 to $424,100 for all California counties. Counties meeting the definition of high-cost areas, including Los Angeles, will have increased high balance loan limits of up to $636,150. (High balance limits for 2016 were set to a maximum of $625,500.)
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