At the end of each year, Fannie Mae and Freddie Mac release their maximum loan limits for the coming year.
These limits identify the maximum amount you can borrow while still qualifying for conforming loan products, which offer lower rates than alternative loan programs.
Many in the real estate industry had been concerned that these limits would be lowered as property values in many areas have been declining.
These limits identify the maximum amount you can borrow while still qualifying for conforming loan products, which offer lower rates than alternative loan programs.
Many in the real estate industry had been concerned that these limits would be lowered as property values in many areas have been declining.
The "Good" News
Conforming loan limits will remain unchanged for the remainder of this year and throughout 2007.
The loan limits for first home loans will hold firm at:
$417,000 for home loans on one-family properties;
$533,850 for home loans on two-family properties;
$645,300 for home loans on three-family properties; and
$801,950 for home loans on four-family properties.
The only other time in history that loan limits have not increased loan were 93-95 and the only time the loan limits were lowered was for the year 90 and that decrease was only by $150 for a one-family home.
http://www.fanniemae.com/aboutfm/pdf/historicalloanlimits.pdf;jsessionid=GWCJAAMA3NGOBJ2FQSHSFGA
The loan limits for first home loans will hold firm at:
$417,000 for home loans on one-family properties;
$533,850 for home loans on two-family properties;
$645,300 for home loans on three-family properties; and
$801,950 for home loans on four-family properties.
The only other time in history that loan limits have not increased loan were 93-95 and the only time the loan limits were lowered was for the year 90 and that decrease was only by $150 for a one-family home.
http://www.fanniemae.com/aboutfm/pdf/historicalloanlimits.pdf;jsessionid=GWCJAAMA3NGOBJ2FQSHSFGA
Could This Benefit Your Clients?
If your clients closed on a home with in the past 2 years, a review of their finances maybe in order. Please have then contact a Professional Mortgage Consultant who will ask them intelligent, insightful, and thought provoking questions.
As always, staying informed of movement in financial markets and having the assistance of a professional consultant will enable your clients to take full advantage of the mortgage market.
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