PRLog (Press Release) –
Nov 12, 2008 –
The Federal Housing Finance Agency (FHFA) announced late Friday that the conforming loan limit will remain $417,000 for 2009 for most areas in the U.S. but specified higher limits in certain cities and counties which does not include any city or county in Wisconsin or Illinois. The conforming loan limit is the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009.
Following the provisions of HERA, FHFA has set loan limits for “high-cost”
areas in 2009. These limits are set equal to 115 percent of local median house prices and cannot exceed 150 percent of the standard limit, which is $625,500 for one-unit homes in the continental U.S. The new limits affect loans purchased by an Enterprise in 2009, unless the loans were made permanently eligible for purchase under the Economic Stimulus Act enacted earlier in 2008 and has generally higher limits.
Visit our loan programs page for all Conventional and Government loan programs:
http://www.madisonmortgageguys.com/programs/index.htm
Ameristar Mortgage is your local Wisconsin and Illinois mortgage banker:
Brian Collins
Toll Free: (877) 240-5840 x29
brian.collins@madisonmortgageguys.com
http://www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blogs_brian_collins/
Ameristar Mortgage, your local Illinois and Wisconsin mortgage broker, offers first time home buyer, cash out refinance, jumbo, lot loans, no money down, 100% financing, interest only, my community mortgage, FHA loans, VA and rural housing.
