In case you haven't heard the OFHEO has released information regarding Conforming Loan Limits from 2009. If you live in a high priced area it may be good news if you intend on refinancing or purchasing a property. Below is a link to the full artilce and the first two pararaphs from the press release. If you are a New York appraiser working in high priced areas this could result in more work as existing jumbo loans can be refinanced to conforming loan rates provided the new loans conforms with the changes. Christopher Greco Appraisal Services, Inc Providing New York Real Estate Appraisals in 12 New York Counties. Bronx, Brooklyn, Queens, Manhattan, Staten Island, Westchester, Rockland, Orange, Dutchess, Putnam, Nassau and Suffolk. ********************************************************************************* CONFORMING LOAN LIMIT FOR U.S. TO REMAIN $417,000 IN 2009; DIFFERENT LIMITS IN SOME AREAS WASHINGTON, DC
According to provisions of the Housing and Economic Recovery Act of 2008 (HERA), the national loan limit is set based on changes in average home prices over the previous year, but cannot decline from year to year. Loan limits for two-, three-, and four-unit properties in 2009 will remain at 2008 levels as well: $533,850, $645,300, and $801,950......
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CONFORMING LOAN LIMIT FOR U.S. TO REMAIN $417,000 IN 2009; DIFFERENT LIMITS IN SOME AREAS
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