HOT OFF THE PRESS. It's official... FHA, Freddie Mac and Fannie Mae have all temporarily lifted their limits on conforming loans. The temporary limits are good for all loans originated through the end of 2008. The increased limits will vary by region and markets. check with your local mortgage professional for the new limits in your area.
What this means to buyers is that they can now get a larger loan of upto $567K (in the Puget sound area) without having to lock into a jumbo loan. In today's market, jumbo loans have a 1-2.5% premium over conforming loan rates.
Specific to the Puget Sound, Washington area, the new limits are $567,500 for all FHA, Freddie Mac and Fannie Mae backed loans.
More information can be found here: http://seattletimes.nwsource.com/html/businesstechnology/2004266401_loanlimits07.html & here http://www.hud.gov/news/release.cfm?content=pr08-030.cfm
--tim
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