Final answer:
The Fannie Mae maximum loan limits vary by location and property type but reach as high as $1,089,300 for a single-family home in high-cost areas for the year 2023.
Step-by-step explanation:
The highest amount that can be borrowed under Fannie Mae maximum loan limits is determined each year by the Federal Housing Finance Agency (FHFA). These limits are based on changes in the average U.S. home price and other market conditions. For 2023, in most areas of the United States, the maximum loan limit for a single-family property is set to $726,200. However, in high-cost areas, the limit can be as high as $1,089,300 for a single-family home. These numbers can change annually, and additional stipulations may apply based on specific criteria such as property location and number of units.