When Congress passed the Economic Stimulus Act of 2008, they authorized significant conforming loan limit increases in "high-cost" areas around the country. This change really didn't impact Florida counties all that much.
However, there are some reductions to note: Effective January 1, however, those limits rolled back. Conforming mortgages in the 59 designated high-cost regions are now capped at $625,500. Previous to January 1, 2009, loan limits for single family homes in the following "High Cost" Florida areas were as follows:
| Metro Area |
2008 Conforming Limit |
2009 Conforming Limit |
| Miami, Florida Area |
$423,750 |
$417,000 * |
| Sarasota, Florida Area |
$442,500 |
$417,000 * |
| Naples, Florida Area |
$531,250 |
$448,500 |
| Key West, Florida Area |
$729,750 |
$529,000 |
| * No longer listed as high cost area |
Aside from Collier and Monroe Counties, all other Florida counties are now listed as non-high-cost areas. The 2009 conforming loan limits remain unchanged from 2008.
- 1-unit properties : $417,000
- 2-unit properties : $533,850
- 3-unit properties : $645,300
- 4-unit properties : $801,950
IF you live in either Collier or Monroe Counties consider Super Conforming Loans as a way to extend your buying power. These loans used to be known as "Jumbo" or "Super Jumbo" loans. Lending amounts for these areas would be 115% of the "area median house price," not to exceed $625,500.
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Kevin Sandridge
The Florida Home Loan Specialist
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL 33884
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Mobile: 863-604-3019
Fax: 888-496-0265
kevin.s@sigfunding.com
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good post Kev. I like the bottom signature.! =0)
chris the implementer