Conforming Loan Limits for Massachusetts for 2010
For 2010, the Federal Housing Finance Agency has set revised conforming loan limit at $417,000, the same limit it has offered for several years now. Certain counties designated as high-cost areas have received higher limits in conjunction with the economic stimulus package of 2008, extended in late 2009. These extended limits are available through December 31st, 2010.
For Massachusetts, the following counties received higher limits than the national $417,000 cap:
Barnstable County: $462,500
Bristol County: $475,000
Dukes County: $729,750
Essex County: $523,750
Middlesex County: $523,750
Norflok County: $523,750
Plymouth County: $523,750
Suffolk County: $523,750
The remaining counties, Worcester, Hampden, Franklin, and Hampshire, are all capped at the national $417,000 limit. These limits define the maximum loan amount which may be purchased by regulated agencies, such as Fannie Mae and Freddie Mac. Larger loans may not be sold to the agencies. At this time, rates for those larger loans tend to be higher than loans which may be sold to the agencies.
For additional information, please contact me by commenting on this article or by phone at (401) 263-8655
Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates, and has 10 years experience in the mortgage industry. In his spare time he also serves as an Adjunct Professor of Finance at Roger Williams University and the University of New Haven.