San Diego Real Estate Blog

President Obama late Friday signed a congressional resolution to extend through 2010 the conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California. These actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010.

The conforming loan limit determines the size of a mortgage that Fannie Mae Freddie Mac, and the Federal Housing Administration (FHA) can guarantee. Jumbo loans typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

 

Please contact me with any questions on conforming or non-conforming loans.

 

Leonardo Gonzalez

leonardo.gonzalez@century21.com

Posted by Leo Gonzalez on November 4th, 2009 3:02 PMPost a Comment (0)
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