Fannie Mae announced that they would not change the lending limits for a conforming loan in 2007.
Currently the lending limit on a conforming loan on a 1 family property is $417,000.00. We are able to do loans over the conforming limit but many times its a different slightly higher rate of interest.
One important note though you can structure a purchase above that sales price with a first of 417,000 and a second mortgage for the balance of the purchase price, this would keep the bulk of the purchase at a better rate and may be something to consider when structuring a loan for the client.
There are many options we have available to help get the best rate possible for your clients and we will work hard to make sure they are happy with the home loan while you make sure they are happy with the home.
The rest of the limits for next year are as follows:
2 family properties $533,850.00
3 family properties $645,300.00
4 family properties $801,950.00
Loan limit for second $208,500.00
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