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Conforming Loan Limits Stay the Same
The Federal Housing Finance Agency (FHFA) announced that conforming loan limits for 2009 will remain at the 2008 level, except in certain high-cost areas. The good news, however, is that mortgage interest rates have remained favorable as well. Combine this with lower home prices and an increase in inventory in many neighborhoods, and today's real estate market presents a variety of great long-term opportunities. Entire neighborhoods that you may not have been able to afford in 2005 could now be open to you!
Below is an excerpt from the press release, in case you would like to review it. Please call me at your earliest convenience, and we'll discuss potential opportunities for you or someone you know in need of mortgage financing.
Conforming Loan Limit Stays $417,000 in 2009; Different Limits in Some Areas
WASHINGTON, DC - The Federal Housing Finance Agency (FHFA) announced the conforming loan limit will remain $417,000 for 2009 for most areas in the U.S. but specified higher limits in certain cities and counties. The conforming loan limit is the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009.
According to provisions of the Housing and Economic ... more
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