Last week, Director James B. Lockhart of the Office of Federal
Housing Enterprise Oversight announced that the maximum 2008 conforming
loan limit for single-family mortgages purchased by Fannie Mae and
Freddie Mac (the Enterprises) will remain at the 2007 level of $417,000
for one-unit properties for most of the U.S. [Higher limits apply to
Alaska, Hawaii, Guam and the U.S. Virgin Islands as well as to
properties with more than one unit.]
"While the house price survey data used in determining the
conforming loan limit show a decline over the past year, as previously
announced and consistent with the proposed new conforming loan limit
guidance, the level will remain at $417,000 for the third straight
year," said Lockhart.
[SOURCES: REAL Trends et al.]
And remember . . . Don’t spend a PENNY ‘til you call JENNY!
Jenny Markham, 615-812-4174