Freddie Mac Issues Statement On Loan Limits

Posted by Orb Staff on November 13, 2009 No Comments
Categories : Residential Mortgage

Freddie Mac's conforming loan purchase limits for 2010 will remain unchanged from those in effect for 2009 for all areas of the U.S., according to the Federal Housing Finance Agency (FHFA).

The loan limits set the maximum original loan amounts allowed on single-family conventional mortgages Freddie Mac can purchase, except in high-cost areas.

The loan limits for first mortgages are as follows:

  • $417,000 for mortgages secured by one-unit properties;
  • $533,850 for mortgages secured by two-unit properties;
  • $645,300 for mortgages secured by three-unit properties; and
  • $801,950 for mortgages secured by four-unit properties.

The loan limit for subordinate-lien mortgage loans remains at half of the one-unit loan limit for first mortgages, or $208,500.

FHFA has also extended the high-cost loan limits for mortgages originated in certain high-cost areas, up to a maximum of $729,750 in the contiguous U.S. through 2010, pursuant to a Continuing Resolution passed by Congress and signed by President Obama in October.

The loan limit for first mortgages will be 50% higher in Alaska, Hawaii, Guam and the U.S. Virgin Islands. This means the maximum in these states and territories will be $625,500 for mortgages secured by one-unit properties, with slightly higher limits in designated high-cost counties.

SOURCE: Freddie Mac

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