For the first time since the housing boom in 2006, the amount metro Phoenix homebuyers can borrow with a federally-backed loan has increased.
Starting in 2017, borrowers can get a loan backed by mortgage giants Fannie Mae or Freddie Mac for up to $424,100. That's about $7,000 more than the previous limit, which has been in place since the housing crash.
The Federal Housing Finance Agency raised the loan limits in most parts of the U.S. because of rising home prices.
The move could give the housing market a boost because it means homebuyers can pay a bit more.
Mortgages backed by Fannie and Freddie are typically the most popular with buyers and lenders because they have the lowest interest rates and are considered the least risky.
The nation's priciest home markets have higher loan limits. In San Francisco and New York, homebuyers can get a federally-backed loan for as much as $636,150.
