2009 Mortgage Limits Set- High Cost Bay Area Limits

2009 Mortgage Limits Set- High Cost Bay Area Limits

A federal regulator has set the 2009 conforming limit at the same level as in 2008. But a program created in recent legislation temporarily pushes the limit past $600,000 in some areas.

The conforming limit will remain at $417,000 next year, the Federal Housing Finance Agency said in a news release today.

Loans purchased by Fannie Mae and Freddie Mac secured by single-family residential loans must be within the conforming limit. The limit is $533,850 on two-unit properties, while loans on three-unit properties can go to $645,300 and four-unit properties can be financed up to $801,950.

The recently passed law also increased the conforming to 115 percent of local median house prices, bringing the single-family limit in high-cost areas to $625,500 during 2009.

High Cost Loan Limits, Bay Area 2009 Loan Limits-

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