Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : 2006 conforming mortgage limits raised significantly

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November 29, 2005

2006 conforming mortgage limits raised significantly

In a move obviously intended to keep the real estate market strong, the Office of Federal Housing Enterprise Oversight (OFHEO) raised 2006 conforming loan limits significantly higher than was expected by many lenders and mortgage professionals.

For a single-family house, conforming loan limit now stands at $417,000. Limits for multi-unit loans for 2006 will be as follows: two-family loans $533,850, three-family loans $645,300, and four-family loans $801,950. The 2006 loan limit for second mortgages will be $208,500.

For Alaska, Hawaii, Guam and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country.

Posted in Mortgages at November 29, 2005 01:31 PM

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