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If you want exposure to U.S. housing, Freddie Mac common stock (OTC: FMCC) is usually the wrong instrument: it is primarily a political bet on the end of federal conservatorship, not a claim on home prices, mortgage payments or construction. For mortgage cash flows, look at agency mortgage-backed securities (MBS) ETFs such as MBB or VMBS; for new construction, consider homebuilder stocks or ETFs; for rents and property values, consider residential REITs. Each expresses a different part of the housing market, and none is a one-for-one substitute for FMCC.
As of November 2026, Freddie Mac and Fannie Mae remain in conservatorship. Their common stock pays no dividend, Treasury’s senior preferred claim and warrant stand ahead of common shareholders, and the shares trade over the counter. This guide compares the more direct ways to invest in housing-related risks—and explains what each does and does not give you.
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| Name | Best for | Key spec or exposure | Income and venue | Checked |
|---|---|---|---|---|
| iShares MBS ETF (MBB) | Agency mortgage cash flows | About 44% Fannie, 28% Freddie and 23% Ginnie Mae issuer exposure; 5.43-year effective duration | 4.13% 30-day SEC yield; 0.04% expense ratio; Nasdaq | Nov 2026 |
| Vanguard Mortgage-Backed Securities ETF (VMBS) | Agency MBS exposure at a low stated expense ratio | 4.7-year duration; 5.7-year effective maturity | 4.05% 30-day SEC yield; 0.03% expense ratio; Nasdaq | Nov 2026 |
| Homebuilder ETF (ITB or XHB) | New-home construction and buyer affordability | Basket of homebuilding-related companies; exposure is to business earnings, not mortgage guarantees | Exchange-listed equity ETF; XHB’s reported July 24, 2026 yield was 0.66% | Nov 2026 |
| Residential and single-family rental REITs (such as INVH, AMH, AVB, EQR) | Rentals, occupancy and residential property values | Direct property ownership; rental demand can benefit when high mortgage rates deter buyers | Exchange-listed REIT shares; INVH’s reported July 24, 2026 yield was 4.03% | Nov 2026 |
| Farmer Mac (AGM) | A listed operating GSE equity with dividends | Agricultural, rural housing and related credit—not broad metropolitan housing | NYSE common stock; pays dividends | Nov 2026 |
| Mortgage REITs (such as NLY or AGNC) | Leveraged mortgage-credit exposure and income | Debt securities and mortgage-related assets, often financed with leverage | Exchange-listed REIT shares; book value and earnings can be volatile | Nov 2026 |
The table is a map of exposure, not a ranking of expected returns. MBB and VMBS are the closest listed-fund route to the mortgage-finance activity people often associate with Freddie Mac; builders and landlords express different parts of the housing cycle. Figures in the table come from the dated source records described below and are not live quotes. ETF yields, holdings and prices change.
Why isn’t FMCC a straightforward way to invest in housing?
FMCC common stock is an unusually policy-dependent security: its potential payoff depends far more on how the government resolves conservatorship and Treasury’s claims than on whether U.S. homes become more valuable. Freddie Mac’s business matters enormously to mortgage finance, but that does not mean the common shares pass through the housing market’s gains to public shareholders.
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Freddie Mac buys conventional conforming mortgages, pools loans into mortgage-backed securities and guarantees timely principal and interest payments to MBS investors. Alongside Fannie Mae, it owns or guarantees a very large share of U.S. residential mortgage debt. A compilation of Q3 2026 company figures put Freddie’s total mortgage portfolio at $3.70 trillion and Fannie’s guaranty book at $4.1 trillion—about $7.8 trillion combined, or roughly 46% of the approximately $17.0 trillion in U.S. residential mortgage debt reported for September 30, 2025. That is an enormous role in the mortgage system. It is not a direct measure of the value available to FMCC common stockholders.
FHFA placed Fannie and Freddie in conservatorship in September 2008. Treasury received senior preferred stock and warrants to acquire 79.9% of each company’s common stock. The companies’ common and junior preferred dividends were stopped. Under the current Preferred Stock Purchase Agreement terms, net-worth gains add to Treasury’s liquidation preference rather than being paid out to common shareholders. The result is a deep gap between a profitable operating company and what its common shares currently deliver: public common holders receive no cash dividend, while Treasury’s claim ranks ahead of them.
The shares were delisted from the New York Stock Exchange in 2010 and have traded over the counter since. That can mean lower trading volume, wider bid-ask spreads and sharper price swings than in a liquid, exchange-listed large-cap stock. FMCC and FNMA prices also respond to headlines about privatization. After the November 2024 election, Fannie reportedly rose about 500% and Freddie about 400% over the following year on privatization hopes; both later fell roughly 50% over the prior year in early November 2026 price reports. A March 2026 headline alignment involving Bill Ackman and Michael Burry coincided with one-day rises of 47% in FMCC and 40% in FNMA, an illustration of event-driven volatility rather than a present-day price or forecast.
There is also a material capital-structure obstacle to a simple public offering. Figures cited for late 2024 showed Fannie with about $95 billion of capital against a roughly $163 billion target, and Freddie with about $60 billion against a roughly $124 billion target—a combined shortfall around $132 billion. As of March 31, 2026, Fannie reported a $37 billion common equity Tier 1 deficit against a $142 billion requirement including buffers; the requirement does not have to be met until conservatorship ends. KBW analyst Bose George has described private shareholder equity as roughly negative $200 billion on an economic basis unless the government restructures its claim. These figures help explain why operating earnings alone do not resolve the common-stock question.
What does the privatization outlook actually mean for shareholders?
There is no official IPO date or formal SEC filing for a combined Fannie-Freddie offering as of November 2026, and both companies remain in conservatorship. Administration officials have discussed a combined valuation around $500 billion or more and a possible small IPO stake, but a valuation headline is not the same thing as a plan for how much value, if any, would reach existing common shareholders after Treasury’s claims, warrants, capital needs and policy decisions are addressed.
Treasury Secretary Scott Bessent has suggested a 3% to 6% stake sale could raise about $30 billion. Bill Ackman, whose Pershing Square owns about 10% of each company according to a November 2026 report, has argued that a release could create “half a trillion” dollars in value, 80% of which he said is held by taxpayers. Treat these as reported views and estimates, not as a settled transaction structure. Ackman also said he understood that ownership needed to be resolved in 2027 or 2028; that is his account of a private conversation, not an official timetable.
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Policy signals have not been uniform. In March 2025, FHFA Director Bill Pulte said the conservatorships “should not be indefinite,” while also saying any exit must be carefully planned to protect the safety and soundness of the housing market. He later clarified, “I didn’t say privatize; Trump didn’t say privatize.” President Trump wrote in May 2026 that he was “working on TAKING THESE AMAZING COMPANIES PUBLIC” while pledging to maintain the government’s “implicit GUARANTEES.” Those statements indicate interest in a possible change, not a completed release, an approved prospectus or a guarantee that existing common stock benefits.
The legal record does not eliminate that uncertainty. In Collins v. Yellen (June 2021), the Supreme Court held FHFA acted within its statutory authority on the net-worth sweep and barred shareholders’ statutory claims, while finding the restriction on presidential removal of the FHFA director unconstitutional. Separately, a federal jury awarded shareholders $612.4 million in Berkley Insurance Co. v. FHFA in August 2023 for breach of the implied covenant of good faith; a judge upheld the verdict in March 2025. That case is not a finding that FMCC common has been freed from Treasury’s senior preference or warrant. A January 2, 2025 amendment to the purchase agreements also requires FHFA to issue a request for information, brief the Financial Stability Oversight Council and obtain Treasury’s written consent—after Treasury consults the president—before either company can leave conservatorship.
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For most people seeking exposure to housing rather than a political outcome, the practical distinction is simple: FMCC common is not the same thing as the mortgage securities Freddie guarantees, the homes builders construct or the rentals landlords own.
Are agency MBS ETFs the closest alternative to Freddie Mac stock?
They are the closest listed-fund exposure to the mortgage-finance system, but they are bonds, not GSE common stock. An agency MBS ETF owns pools of mortgages securitized or guaranteed by Fannie Mae, Freddie Mac and, typically, Ginnie Mae. The investor receives bond-market cash flows rather than a residual claim on Freddie Mac’s earnings or any privatization upside.
The agency MBS market had more than $11 trillion in securities outstanding and average daily trading volume of roughly $300 billion, according to figures cited in a 2026 summary. For conventional conforming pools, Fannie or Freddie guarantees timely principal and interest. If a borrower defaults, the guarantee means the MBS investor generally experiences the loan as a prepayment rather than taking the borrower’s credit loss directly. That does not make an MBS ETF risk-free: its main risks include interest-rate duration, changing prepayment speeds, extension risk and changes in mortgage spreads. Unlike common shareholders, MBS holders are exposed to mortgage cash flows and pricing, not to the GSEs’ equity waterfall.
| Fund | Index | Reported fund details | What to watch |
|---|---|---|---|
| iShares MBS ETF (MBB) | Bloomberg U.S. MBS Index | About $38.4 billion net assets in late March 2026; 11,140 holdings; 5.43-year effective duration; 4.13% 30-day SEC yield; 0.04% expense ratio | Issuer mix was about 44% Fannie, 28% Freddie and 23% Ginnie Mae |
| Vanguard Mortgage-Backed Securities ETF (VMBS) | Bloomberg U.S. MBS Float Adjusted Index | $16.9 billion net assets in February 2026; 4.7-year duration; 5.7-year effective maturity; 4.05% 30-day SEC yield; 0.03% expense ratio | Index and portfolio composition differ from MBB; compare current holdings and duration before choosing |
Fund figures are the issuer figures reported for March or February 2026, not November 2026 live data. A 30-day SEC yield is a standardized recent-income measure, not a guaranteed return or a forecast of total return.
Some investors may assume an MBS ETF is a privatization trade. It is not. If a conservatorship exit tightened mortgage spreads, existing MBS prices could benefit in that scenario; if the process widened spreads, MBS prices could instead fall. BTIG analyst Eric Hagen has warned that a relisting could be pursued without broad policy changes that disrupt credit availability. PIMCO has argued that removing the implied guarantee could weaken the fungibility of the Uniform Mortgage-Backed Security and potentially move bank risk weights from 20% toward 100%, which could widen spreads and raise mortgage rates. Those are scenario analyses, not predictions. They underscore that mortgage bondholders face policy risk of their own, distinct from the upside case for common stock.
Credit-risk-transfer securities—Freddie’s STACR and ACIS and Fannie’s CAS and CIRT—provide a more targeted way to take mortgage-credit risk, but they are not ordinary retail ETF tickers. Through 2025, the companies had issued more than $200 billion of credit-risk-transfer securities and reinsurance covering more than $7 trillion in mortgage balances. Freddie’s 2025 single-family issuance approached $5.1 billion, covering $163 billion of balances. These notes are unsecured GSE obligations, with ratings capped at the GSEs’ AA+ ratings. They are specialist products, not a simple substitute for FMCC shares.
Should I choose homebuilder stocks or ETFs?
Choose builders if the housing exposure you want is new-home construction, sales volumes and affordability—not mortgage guarantees or home-price appreciation across the entire existing housing stock. Homebuilders such as D.R. Horton, Lennar, PulteGroup, NVR and Toll Brothers are operating companies valued on earnings. ITB and XHB provide baskets of homebuilding-related businesses, but neither is a direct index of U.S. home values.
Builders are especially sensitive to the monthly payment a buyer can afford. In the week of July 23, 2026, the 30-year fixed mortgage rate was 6.58%, according to the Freddie Mac series cited through FRED. The Federal Reserve had cut rates by roughly 170 basis points, leaving the federal funds rate near 3.63%, yet the 10-year Treasury yield was 4.71% in late July. The gap between policy-rate cuts and mortgage costs helps explain why buyers remained constrained: the existing-home market ran at a 4.09 million annualized pace in June 2026, while new single-family sales were 628,000 and new-home supply stood at 9.3 months. The average outstanding mortgage rate remained near 4.5%, creating a lock-in effect that a July 2026 housing analysis estimated had suppressed about 870,000 home sales in 2026.
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Builders can respond by buying down mortgage rates for customers or discounting homes, which may help sales but weigh on gross margins. That makes them a rate-and-affordability trade, not a clean proxy for a GSE release. If policy changes lower mortgage costs or improve credit availability, builders could benefit indirectly, but that is a second-order effect. If rates stay high, a builder with attractive financing offers may still sell homes, while margins bear the cost.
The available July 24, 2026 market snapshot illustrates how individual companies can diverge. XHB closed at $108.44, up 5.3% year to date, with a reported 0.66% yield and $1.6 billion in assets. D.R. Horton was $146.76, up 1.9% YTD, with a 1.23% yield and $41.1 billion market capitalization; Lennar was $84.64, down 17.7% YTD, with a 2.36% yield and $20.4 billion market cap; NVR was $6,414.67, down 12.0% YTD, with a $17.2 billion market cap. These are July figures, not current November prices, and illustrate why a diversified ETF and a single builder can behave differently.
Do rental REITs provide housing-market exposure?
Yes, but their exposure is to rents, occupancy and property values—not to the same economics as a homeowner or a homebuilder. A residential REIT owns rental housing and earns rent; a single-family rental REIT owns houses and leases them. The listed residential names include AvalonBay (AVB), Equity Residential (EQR), Invitation Homes (INVH) and American Homes 4 Rent (AMH).
High mortgage rates can support a landlord thesis when would-be buyers delay purchasing and keep renting. That same frozen resale market can be a headwind for homebuilders, which is why landlord and builder exposure may move in opposite directions. In 2026, the housing analysis described the 6.58% mortgage rate in July as a demand engine for landlords. The benefit is not automatic: rent growth, local supply, operating costs, financing conditions and the ability of tenants to pay all matter. A single-family rental company is more tightly connected to houses than a broad REIT fund, but it is still a company with debt, operating expenses and regional concentration—not an unlevered basket of home prices.
Broad real-estate funds can be misleading if the goal is residential housing. VNQ, XLRE and SCHH hold REIT baskets, but modern REIT indexes also have large data-center, tower, logistics and healthcare exposures. Companies such as Equinix, Digital Realty, American Tower, Crown Castle, Prologis and Welltower can be substantial parts of the listed REIT universe. Buying a broad REIT fund is not the same as buying apartments or single-family homes.
As one dated example, VNQ was $100.81 on July 24, 2026, up 13.9% YTD, with a 3.45% yield and $39.1 billion in assets. INVH was $29.78, up 7.2% YTD, with a 4.03% yield and $17.8 billion in market capitalization. These are July 2026 snapshots only. REITs are also sensitive to interest rates: the FTSE Nareit All Equity REITs index had fallen about 25% to 30% peak to trough in the 2022–2023 rate shock, then recovered roughly 18% from its trough while remaining about 12% below early-2022 highs, according to a November 12, 2026 market summary. Residential results were mixed by geography. The broader lesson is that property ownership does not insulate a REIT from the cost of capital or local market conditions.
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Farmer Mac (Federal Agricultural Mortgage Corporation, NYSE: AGM) is the clearest answer if the key requirement is “a listed GSE operating company with normal shareholder rights and dividends.” It is not a substitute for metropolitan housing exposure. Farmer Mac supports secondary-market liquidity for agricultural real estate, rural housing, agribusiness, broadband and renewable-energy financing. Its stock trades on the NYSE, it pays dividends and it files regular SEC reports.
A 2026 source cited a market capitalization of about $2.16 billion and a share price around $199 in early 2026; those are dated reference points, not current quotes. AGM gives an investor equity exposure to a functioning government-sponsored enterprise, but its portfolio and earnings relate substantially to rural and agricultural credit. It should not be described as a way to own the same business or housing market as FMCC.
There are other GSE-related securities that are debt, not equity. Federal Home Loan Bank consolidated obligations totaled nearly $1.2 trillion in Q3 2025. Interest on FHLB and Farm Credit debt may be exempt from state tax, while Fannie and Freddie debt interest is fully taxable, according to the cited source. Those debt securities are different instruments, with different credit, liquidity and tax characteristics; they do not give the holder common-stock ownership.
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What do mortgage REITs own—and why are they riskier?
Mortgage REITs invest in real-estate debt rather than directly owning houses. Depending on the company, assets may include agency MBS, residential credit or commercial mortgages. Many use leverage, which can amplify both income and losses. They are therefore a higher-yield, higher-volatility cousin of an agency MBS ETF—not a house-price fund and not an unlevered way to collect mortgage payments.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsTwo liquid agency-focused names cited in November 2026 data are Annaly Capital Management (NLY) and AGNC Investment (AGNC). The cited valuation list showed NLY at about $14.56 billion market capitalization and 0.89 times book value, and AGNC at $10.87 billion and 0.85 times book value on November 11. Book-value discounts can reflect market concerns about financing, asset values or future earnings; they do not by themselves prove that a stock is cheap. Starwood Property Trust, Dynex Capital, Blackstone Mortgage Trust, ARMOUR and Two Harbors were also listed, but their exposures differ. Avoid relying on a reported $61.31 billion figure for Ready Capital in that list: the cited valuation list flags it as a data-quality red flag, not a credible market-cap figure.
Annaly’s Q3 2026 report gives a useful reminder of the accounting volatility: its GAAP net loss was about $1.001 billion, compared with an $843 million profit in Q3 2025, while non-GAAP earnings available for distribution were $0.80 a share versus $0.73 a year earlier. These are the company results as summarized in a November 6, 2026 report. A mortgage REIT may report positive operating earnings while GAAP results swing sharply as rates and spreads revalue its balance sheet. A high distribution yield cannot be read as a promised total return.
Nonbank mortgage originators and servicing companies are another adjacent trade, but they are not direct house-price exposure either. BTIG analyst Eric Hagen expected the 20 mortgage companies it covered to originate $750 billion in 2026, up 12% year over year, against $2.2 trillion in marketwide originations, up 7%. The cited analysis also noted that about 65% of borrowers still had very low COVID-era mortgage coupons, creating refinancing or recapture optionality, while roughly 35% had higher-rate loans from the prior three years, supporting mortgage servicing cash flow. Hagen expected a GSE relisting to have low to modest direct impact on nonbank mortgage stocks, with a possible indirect “osmosis” effect from added attention. This is a separate business-cycle exposure and should not be confused with FMCC common.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Can I buy Fannie Mae or Ginnie Mae instead?
Fannie Mae common stock (OTC: FNMA) is a twin privatization option, not a hedge against Freddie Mac. Both companies share the conservatorship, Treasury senior preferred structure, warrant and over-the-counter venue. Fannie is larger: its Q3 2026 guaranty book was $4.1 trillion versus Freddie’s $3.70 trillion portfolio, it earned $4.2 billion in Q3 compared with Freddie’s $3.2 billion, and Treasury’s senior preferred liquidation preference was $238.0 billion versus $150.4 billion. Buying both does not diversify away the central political and capital-structure risks.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteFannie’s operating scale is also not a direct common-share payout. In the first nine months of 2026 it provided $344.1 billion in mortgage-market support, including financing associated with about 1.2 million home purchases, refinancings and rental units; it provided $409.3 billion in 2025. At June 30, 2026, it owned or guaranteed an estimated 24% of single-family mortgage debt and 21% of multifamily debt. Its single-family serious delinquency rate was 0.62% at September 30, 2026, with a weighted-average credit score of 753 and mark-to-market loan-to-value ratio of 51%. These operating indicators describe the guaranty book; they do not remove Treasury’s senior claim. Fannie earned $15.4 billion in the twelve months through September 2026 and $14.4 billion in 2025, yet its shareholders still face the same basic policy question as Freddie’s.
Ginnie Mae is different: it is a wholly owned HUD corporation, not a shareholder-owned GSE, so there is no Ginnie common stock to buy. It guarantees securities issued by approved lenders backed by FHA, VA, USDA and PIH loans, and its guaranty carries the full faith and credit of the United States. About 99% of FHA single-family mortgages end up in Ginnie Mae MBS. Its MBS outstanding exceeded $2.8 trillion in fiscal 2025, up 7.2%, with monthly issuance regularly above $50 billion. Retail investors access this part of the mortgage market through funds such as MBB, which had roughly 23% Ginnie Mae issuer exposure in the reported portfolio snapshot.
The conventional conforming-loan limits are another point of distinction. For 2026, the baseline one-unit limit for Fannie/Freddie conventional loans was $832,750, rising to $1,249,125 in high-cost areas. Loans above the applicable limit generally fall outside the standard conforming channel; those limits are not Ginnie Mae limits.
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Which housing exposure fits the risk I actually want?
Start with the cash flow or outcome you want to own, rather than with the broad label “housing.” The following decision guide separates the most common goals.
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- Mortgage principal-and-interest cash flows: Compare agency MBS ETFs such as MBB and VMBS. You take duration, prepayment and spread risk, not a claim on GSE common equity.
- Privatization optionality: FMCC and FNMA are the direct speculative securities, but they are OTC common shares with no current common dividend and substantial policy, Treasury-claim, capital and liquidity risk. They are not housing indexes.
- New-home building and sales: Look at builders or ITB/XHB. Their results depend on affordability, sales pace, incentives and construction margins.
- Residential rent and property ownership: Consider residential REITs or single-family rental companies. Check geography, leverage, rent trends and whether a broad REIT fund actually has the residential mix you intend.
- Leveraged mortgage income: Mortgage REITs may fit only if you understand leverage, book-value volatility and the difference between distribution yield and total return.
- Listed GSE equity with dividends: Farmer Mac is the unusual listed operating-GSE case, but it is focused on agricultural and rural credit rather than broad U.S. housing.
- Explicit federal guarantee exposure: Ginnie Mae has no stock; its guarantee is represented in agency MBS holdings, commonly through a diversified MBS fund.
For ETFs, compare current prospectuses, holdings, durations, expenses and yield methodology before placing an order. For individual shares, check the trading venue and liquidity as well as the company’s balance sheet. In particular, avoid treating a quoted dividend yield as a complete measure of risk: FMCC common’s dividend is zero, while MBS ETF yields can change, REIT distributions depend on operating cash flow, and mortgage REIT payouts sit atop leveraged balance sheets.
How we selected the alternatives
The comparison prioritizes the type of housing exposure each vehicle actually represents: mortgage cash flows, construction, rents and property values, leveraged mortgage credit, or GSE privatization optionality. It also distinguishes exchange-listed securities from FMCC and FNMA’s over-the-counter shares, notes whether an instrument generates income, and flags policy, rate and capital-structure risks. This is an exposure framework, not a forecast of performance or a recommendation to buy or sell any security.
Frequently Asked Questions
Does any ETF own Fannie Mae or Freddie Mac common stock?
No. No ETF holding FNMA or FMCC common shares was identified in the cited fund holdings. An agency MBS fund may hold securities guaranteed by those companies, which is a different legal claim and a different source of returns.
Can I buy FMCC through an ordinary brokerage account?
Access to over-the-counter securities depends on the brokerage, account permissions and the security’s current trading status. Check the broker’s eligible-security list, order types and quoted bid-ask spread before placing an order; availability is not guaranteed.
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Are Freddie Mac mortgage-backed securities the same as Freddie Mac stock?
No. A Freddie Mac MBS is a debt security with guaranteed mortgage cash flows under the applicable program, while FMCC common is an equity claim that sits behind Treasury’s senior preferred position and is exposed to conservatorship policy decisions.
What is the difference between a conforming mortgage and a jumbo loan?
A conforming mortgage meets the applicable Fannie Mae or Freddie Mac loan-size limit and other underwriting requirements. For 2026, the baseline one-unit limit was $832,750, with a higher $1,249,125 limit in high-cost areas; the applicable limit depends on the property’s location.
