Conforming Loan Limits for High-Cost Areas Unchanged for 2010
Good News for Mortgage Loans!
The conforming loan limits for high-cost areas (which include Manhattan Beach) will remain at $729,750 through 2010. Action last week by the federal government extends the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010. These limits were due to expire at the end of 2009.
The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.
The conforming loan limits for high-cost areas (which include Manhattan Beach) will remain at $729,750 through 2010. Action last week by the federal government extends the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010. These limits were due to expire at the end of 2009.
The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.
Labels: Financing
posted by Janie Sue Nagy at
2:56 PM
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