Fannie & Freddie Conforming Loan Limits Stay The Same

Courtesy of David Messineo, Loan Officer
Apex Home Loans
301-365-3100

Fannie Mae and Freddie Mac have recently announced that conforming (non JUMBO) loan limits for a single family home in 2008 will remain at the current level of $417,000. This is the second consecutive year that loan limit has stayed the same, having been originally set at the current limit back in 2006. In the meantime, long term mortgage interest rates have remained stubbornly low. In fact, just last week, the 25 month low for 30 yr fixed rate mortgages was reached.Combine this with lower home prices and an increase in inventory in many neighborhoods, and today’s real estate market presents a variety of great long-term opportunities. Entire neighborhoods that you may not have been able to afford in 2005 could now be open to you! I have included a portion of Fannie Mae’s press release below, in case you would like to review it. Feel free to call me at your convenience to discuss potential opportunities for you or someone you know in need of mortgage financing.