Alert March 11, 2008

Conforming Loan Limits Temporarily Raised

The Office of Federal Housing Enterprise Oversight released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas. The new jumbo limits are a function of median home prices as estimated by HUD  The maximum temporary jumbo conforming loan limit is as high as $729,750 for one-unit homes. Two, three and four-unit homes have higher limits. Click here for the OFHEO’s press release and here for a listing of counties and Metropolitan Statistical Areas that are affected by the new loan limits.