Conforming Loan Limits for 2009 were finally released by the Federal Housing Finance Agency (the new overseer of Fannie Mae and Freddie Mac).  The base one unit conforming loan limit will stay at $417,000 for most of the country.  The limit of $417,000 remains unchanged from 2008.  Actually this limit has held at $417,000 since November fo 20005.

So where are the changes?  The big changes occur in areas identified as high cost.  In early 2008 as part of the economic stimulus package enacted by congress the conforming limit was raised as high as $729,750.  The calculation of maximum loan limit was based on 125% of the county/MSA median home price up to a cap of $729,750.  The 2009 limits are now based on 115% on the county/MSA median home pirice up to a cap of $625,500 (150% of $417,000).

There are high-cost areas in the Your Mortgage People lending area.  The links to the Federal Housing Finance Agency’s press release and publisheed limits are included below.

If you click on this, http://www.ofheo.gov/media/cll/FullCountyLoanLimitList2009.xls you’ll automatically download the county loan limit spreadsheet.

Please call a Your Mortgage People loan officer to see how these new limits affect your borrowing situation.

Tags: Conventional, Fannie Mae, Freddie Mac, Mortgage Limits

This entry was posted on Tuesday, November 11th, 2008 at 7:00 pm and is filed under Industry Changes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.