Loan Limits at Fannie Mae and Freddie Mac Kept At Current Levels
The regulator for Fannie Mae and Freddie Mac recently confirmed that the maximum conforming loan limit in 2008 for single family mortgages purchased by the two mortgage-finance companies will remain at this year’s level of $417,000 in most of the US. Higher limits apply to Alaska, Hawaii, Guam and the US Virgin Islands. The conforming loan limit determines the maximum size of a mortgage that Washington, DC based Fannie Mae or Mclean, VA based Freddie Mac may buy or guarantee. Both companies purchase residential mortgages and also package loans into mortgage backed securities for sale to other investors.
US lawmakers have sought to increase the conforming loan limit for the two mortgage finance giants with the hope that Fannie Mae and Freddie Mac could provide some liquidity to the mortgage market, which continues to struggle from the fallout in the subprime sector.
Steve Siegel, Coldwell Banker
Email: steve.siegel@cbnorcal.com
mobile: 916.212.5066
www.teamstevehomes.com
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December 24th, 2007 at 2:05 pm
Hi Steve:
That is interesting about the loan limits on those programs. In Oklahoma, we still have quite a bit of FHA loans because of our loan average home price. I believe FHA will still go up to about $214k. I wish you the best in the coming year. I am putting together our real estate goals and budget for 2008.
Stan McLaughlin
Keller Williams Realty-Norman, OK
405.417.7487