For the 4th straight year, the conforming mortgage loan limit will remain at $417,000.
What is a conforming loan? A conforming mortgage is one that conforms to Fannie Mae or Freddie Mac mortgage underwriting requirements. Banks and lenders can sell these mortgages to Fannie Mae or Freddie Mac which make up the bulk of the mortgage backed securities.
FHA mortgage limits are based on up to 125 percent of the area's median housing prices, a variety of housing types, and the state and county in which the property is located.
The conforming, conforming jumbo and FHA loan limits for single family homes, townhomes and condos in Massachusetts for 2009 are as follows:
2009
LOAN LIMITS
FNMA
FHA
BarnstableCounty
$417,000
$405,950
BerkshireCounty
$417,000
$271,050
BristolCounty
$426,650
$426,650
DukesCounty
$625,500
$625,500
EssexCounty
$465,750
$465,750
FranklinCounty
$417,000
$271,050
HampdenCounty
$417,000
$271,050
HampshireCounty
$417,000
$271,050
MiddlesexCounty
$465,750
$465,750
NantucketCounty
$625,500
$625,500
NorfolkCounty
$465,750
$465,750
PlymouthCounty
$465,750
$465,750
SuffolkCounty
$465,750
$465,750
WorcesterCounty
$417,000
$285,200
Loans in excess of conforming and conforming jumbo loan limits are referred to as "jumbo" or "super jumbo" home loans, depending on their size. Jumbo mortgages are often more costly than conforming mortgages because they do not have the backing of the U.S. government.
Licensed by the Massachusetts Division of Banks Mortgage Broker # MB0782. WE ARRANGE BUT DO NOT MAKE LOANS. Lew Corcoran is a Licensed Professional, Massachusetts License MLO69200. Florida Mortgage Brokerage Business MBB 0501382. The content and information or data on this website is subject to change without notice. All loan programs are subject to credit approval. Not all loans or products are available in the states we are licensed in. Information on the website shall not be considered a commitment lend. Restrictions may apply. All loans are subject to credit qualifications and Lender approval.
As always, your referrals are greatly appreciated. When you recommend someone you know to me for advice, you can be assured that they will receive Honest, Courteous and Professional service which is what you would expect from me. Lew Corcoran
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