05 Dec 08 2009 Mortgage Loan Limits
The Federal Housing Finance Agency announced the conforming loan limit will remain $417,000 for 2009 for most areas in the U.S. but specified higher limits in specific high cost cities and counties. The conforming home loan limit is the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009. Mortgage lenders across the country have been praying for positive news regarding the home loan limits.
According to provisions of the Housing and Economic Recovery Act of 2008, the national mortgage loan limit is set based on changes in average home prices over the previous year, but cannot decline from year to year. FHA home loan limits for two-, three- and four-unit properties in 2009 will remain at 2008 levels as well: $533,850, $645,300 and $801,950 respectively, for houses in the continental U.S. Read complete article > 2009 FHA Mortgage Loan Limits.
Tags: Fannie Mae, FHA home loan, Freddie Mac, loan limits
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