Conforming Loan Limits to Remain Unchanged for 2009
November 11, 2008
The recently saved government entities of Fannie Mae and Freddie Mac have released news that conforming loan limits will remain unchanged for 2009. This means that most eligible loans for funding will stay at the $417,000 limit. However, in more costly regions, such as the Tri-Valley area, the government-sponsored enterprises are expected to purchase and guarantee loans up to $625,500.
According to the Federal Housing Finance Agency, the loan limits in some high cost areas may possibly decline since legislation lowered the ceiling and home prices have fallen. The $417,000 conforming limit cannot decline as a result of falling home prices, the agency also commented.
This is another positive step in helping to dig us out of the current housing crisis.
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TriValleyVine Resident Author
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ADAM GOLDEN REALTOR™ 925.899.6103 |
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