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The Federal National Mortgage Association (FNMA, or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac) are government-sponsored entities that drive the market for home loans. These quasi-governmental agencies have created standardized rules and guidelines to which mortgages for one-unit properties (single-family dwellings) must conform if eligible for the agencies’ backing. Fannie Mae and Freddie Mac do not issue mortgages themselves. Instead, they insure mortgages issued by lenders, such as banks, and act as secondary market makers if lenders wish to sell those mortgages.
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Each year (usually in November), the Federal Housing Finance Agency (FHFA) sets new maximum loan limits a consumer can borrow for a conventional loan. This limit is known as a conforming loan limit (CLLs). Anything above conforming loan limits is considered a jumbo loan. Conforming loan limits are a federal tool designed to ensure the housing market is sustainable year after year. The 2025 conforming loan limit for one-unit properties in most of the U.S. is $806,500, up $39,950 from 2024. In areas considered high-cost, the limit increased to $1,209,750 — $59,925 more than last year.Conforming loan limits are the maximum borrowing amount on a mortgage that can still be purchased by Fannie Mae and Freddie Mac — the two main enterprises that purchase and insure mortgages in the U.S. Fannie Mae and Freddie Mac buy mortgages from lenders, bundle these mortgages into mortgage-backed securities, and sell these securities to investors on the secondary market to provide lenders with the liquidity they need to continue offering home buyers affordable mortgage loans.Since Freddie Mae and Freddie Mac can only purchase mortgage loans that fall within conforming loan limits, lenders typically offer mortgages at or below conforming loan limits, which naturally limits how much you can borrow with a conventional or government-backed mortgage.
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