la quinta: Impact of today's announcment for conforming loan size
- 01/25/08 06:47 AM
1/25/2008 For those of you that don't quite understand the impact of today's announcement please read on: What does "Conforming" mean? First of all, let me briefly explain what "conforming" means. "Conforming" is the term used to describe loans that meet all the Fannie Mae and Freddie Mac guidelines. One of the major guidelines that have caused lack of liquidity in the market is the loan size guideline. It is currently at $417,000. For those of us in the valley most homes are priced much higher than that and the loan required to purchase these homes is higher than $417,000. What was the mortgage … (2 comments)
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