January 2, 2009
As part of the Economic Stimulus Act of 2008 , Congress authorized a conforming loan limit increase in “high-cost” areas around the country. Versus the national conforming loan limit of $417,000, for example, a Manhattan home buyer could secure a 2008 mortgage for $725,000 and still be within “conforming” guidelines. Effective January 1, however, those limits rolled back.
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November 15, 2008
For the 4th consecutive year, the government has set the conforming mortgage loan size limit at $417,000.
A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.
The 2009 conforming loan limits, as released by the government, are:
1-unit properties : $417,000
2-unit properties : $533,850
3-unit properties : [...]
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