Loan Limits

By
Mortgage and Lending with Your IRA guy!

Today's News...

Freddie Mac conforming loan limits are unchanged for 2008

Today Freddie Mac is announcing that for 2008, our loan limits will remain unchanged from their 2007 levels. Through December 31, 2008, Freddie Mac will continue to purchase home mortgages up to the following loan amounts:

For properties in the United States (except Alaska, Hawaii, Guam & U.S. Virgin Islands)

  • $417,000 for mortgages on one-family properties
  • $533,850 for mortgages on two-family properties
  • $645,300 for mortgages on three-family properties
  • $801,950 for mortgages on four-family properties

They have left the loan amounts unchanged because of current market conditions.

Don't forget you or your buyer can buy a 4 plex with a conforming mortgage loan amount of up to $801,950!  This doesn't include any 2nds that may be added to the financing and, because it would be owner occupied, you don't need to have a current landlord/rental history to include rental income!

Also-FHA loan limits for the St Paul metro area are currently $276,683 and......a second can also be added to this amount! 

Michael

 

Comments (1)

Dave Cheatham
INC Financial - Bartlett, IL
Well the limits have not changed and that is good news for some, but in the part of IL where I am at it is not the best news.  That is life and we live with it. 
Nov 28, 2007 02:41 AM