Lenders are introducing "interim" conforming loan limits - see the latest numbers

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November 18, 2005

Lenders are introducing "interim" conforming loan limits - see the latest numbers

While expecting that Fannie Mae will announce the new official conforming loan limits for 2006 soon, many lenders have announced their own temporary conforming mortgage limits. They base the numbers on the Office of Federal Housing Enterprise Oversight (OFHEO) report that shows what was the home appreciation in the continuous 48 states.

Present 1-unit conforming mortgage limit is at $359,650. Here are the approximate numbers from several leading mortgage lenders:

For 48 contiguous states the conforming mortgage limits may go as far as:
$400,000 - 405,000 for one 1-unit property; $510,000 - 518,000 for 2-unit; $615,000 - 625,000 for 3-unit; $760,000 - 775,000 for 4-unit.

For Hawaii and Alaska the conforming mortgage limits may go as far as:
$600,000 - 605,000, for one 1-unit property; $768,000 - 775,000 for 2-unit; $925,000 - 940,000 for 3-unit; $1,150,000 - 1,165,000 for 4-unit.

Note that some lenders may have set lower limits. So it is important to shop around. Large lenders seem to set the highest limits. The new limits offer significant advantages for the home buyers as conforming mortgage often saves up to .5% of the interest rate compare with that of a jumbo loan.

Also the existing homeowners with jumbo rates on their mortgages can try to refinance with conforming rates.

Posted in Mortgages at November 18, 2005 04:52 PM

Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Lenders are introducing "interim" conforming loan limits - see the latest numbers

November 18, 2005

Lenders are introducing "interim" conforming loan limits - see the latest numbers

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