Good News For Home Buyers

Posted by Pat Koch

March 11, 2008

Good news for home Buyers. The Fed is increasing the the limit conforming limit from $417,00 to $729,750 in some areas. The link below breaks down the dollar amount by state and Metropolitan area.

”The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon. ”

HYPERLINK “http://takeaction.realtoractioncenter.com/ct/N7LihOp1mSxR/“Fannie Mae and Freddie Mac Proposed Loan Limit Changes