Tuesday, April 28, 2009
2009 Conforming Loan Limits Jump
The American Recovery and Reinvestment Act (ARRA), which was signed into law last Tuesday, increased the maximum conforming loan limit for mortgages originated in 2009, said the Federal Housing Finance Agency Monday. The increase affects 250 counties across the United States. For these areas (see list here), Fannie Mae (FNM: 0.74 -6.33%) and Freddie Mac (FRE: 0.77 -1.28%) loan limits will return to their late-2008 levels, which were up to $729,750 for one-unit properties in the United States. Loan limits in other areas will not be changed by the legislation.