The House Appropriations Committee approved a bill to extend the temporary conforming loan limits in high-cost housing markets through the end of September 2010.  

A conforming loan is one that meets the standards of loan guidelines of Freddie Mac and Fannie Mae. Right now the conforming loan limit in certain high-cost areas of the U.S. have a cap of  $729,750, depending on location. The cap is 125% of the area median home price. 

This is great news for the DC Metro area; as this keeps many home buyers from needing to take out a Jumbo mortgages; which typically has a much higher interest rate than a conforming loan.

     

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016


 

 
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James Downing - REALTOR®,GRI, ABR - DC Real Estate

Washington, DC

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Coldwell Banker Residential Brokerage

Address: 5028 Wisconsin Ave NW, Suite 100, Washington, DC, 20016

Office Phone: (202) 362-5800

Cell Phone: (703) 244-3971

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