Finally...Higher loan limits approved!
Written on Apr 28, 2009 by Charles Kim
As everyone in the real estate field hoped for, Fannie Mae and Freddie Mac announced they will start buying larger loans May 4. The Federal maximum for a Fannie Mae/Freddie Mac conforming loan amount is $417,000. Any amount above that is considered to be in the non-conforming Jumbo loan category which commands higher interest rates. In recent times with certain geographical areas seeing incredible appreciation, the conforming loan rate has been modify by Fannie Mae and Freddie Mac in those specific areas to allow home ownership to become a reality for many prospective home buyer. February's federal stimulus package raised the limit on the loans the mortgage giants may buy from 115 percent of median home prices in high-cost areas, up to $625,500 in some designated cities, back to last year's temporary limit of 125 percent, up to $729,750. Seattle is a beneficiary of this modification and now buyers in King County can qualify for a loan amount up to $567,500 for a conforming loan. You can contact your lender to find out the details or Greg Doyle with Golf Savings Bank at gdoyle@golfsavingsbank.com (Our Preferred Banker at Anchor Realty Group).No Comments
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