For a pdf version of the new loan limits for 2009 click on the link below. If you live in an area where current rates are higher, you may want to look at buying or refinancing now.
Here is the summary of how the new rates were calculated.
Fannie Mae and Freddie Mac conforming loan limits for the high cost areas below may not exceed the corresponding levels listed. These loan limits apply to
loans purchased between January 1, 2009 and December 31, 2009. For a one-unit property, the maximum loan limit is calculated as 1.15 times the median
house price for the highest priced county in the property's metropolitan or micropolitan area or the median house price for the property's county if it is in a
rural county. Regardless of the area median home price, the loan limit cannot, in general, exceed $625,500 (1.50 times the 2009 conforming loan limit). The
exceptions are properties in Alaska, Hawaii, Guam, and the Virgin Islands, where that range is 50 percent higher ($625,500 to $938,250). The 2009
conforming loan limit of $417,000 is in place everywhere else. Loan limits for 2-4 unit properties are proportional to the 1-unit limits.
About the Author: The above info was provided by Glen Mitchell, licensed Real Estate Broker in California (#01345619) and Hawaii(#18416). Glen can be reached via email at email@example.com or by phone at 800-688-5875 (ext 0).
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