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We are looking to buy a coop or condo in Brooklyn. We recently spoke with a mortgage broker who told us that per Fannie Mae guidelines, the maximum loan we could get would be $417K if we put down less than 20% (we plan to put down about 15%, but $417K puts us just shy of what we were hoping to spend). Our understanding was that that limit was higher, something like $625K in high-cost areas like NYC, buy she told us this increased limit was only for FHA loans. Is that correct?

Thanks,
Jessica