Scott Kinne First Heritage Mortgage

Scott Kinne's Mortgage information Blog

  • About Scott
  • Testimonials
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Affordable Credit Repair
    • Interest Rates
    • Loan Programs
    • Loan Process
    • Loan Checklist
    • Mortgage Glossary
    • Mortgage FAQ
  • Main Website
  • Contact
  • Apply

Conforming Loan Limits Set To Decrease In Certain High-Cost Areas

September 11, 2008 by Scott Kinne

Conforming loan limits will remain flat in 2009, except in high-cost areas
Conforming mortgages are limited by loan size, based on “typical” housing costs around the country. Since 1980, as home prices have increased, so have conforming loan limits.

The current conforming limit on a single-unit property is $417,000.

Earlier this year, as part of the Economic Stimulus Act of 2008, Congress authorized conforming loan limits increase in “high-cost” areas around the country. In Los Angeles County, for example, a mortgage can be as large as $729,750 and still be considered “conforming”.

But beginning in 2009, those increases roll-back. Effective January 1, conforming mortgage in high-cost areas will be limited to $625,500.

Changes to conforming loan limits impact everyone with a stake in real estate, even if their neighborhoods are not considered “high-cost”. This is because conforming mortgages offer the widest selection of home loan products, and often at the lowest rates. The widespread availability of conforming mortgages helps to support home sales nationwide ands provide ample refinancing options for homeowners that need it.

Starting with the New Year, fewer people will be eligible.

To lookup the conforming loan limits in your neighborhood, visit the HUD Web site. If you have specific questions related to your home or an upcoming purchase, contact me directly anytime.

Filed Under: Uncategorized

Scott Kinne

Contact Scott

Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

Licensed In Maryland, Virginia, Washington D.C., West Virginia
  LOAN APPLICATION
  FREE RATE QUOTE

Connect with Me!

Sign Up For My Free Newsletter

Categories

Recent Posts

  • Mortgage Interest Rate Versus APR: What To Know
  • Navigating A Market With Higher Interest Rate
  • Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
  • What’s Ahead For Mortgage Rates This Week – March 20, 2023
Equal Housing Lender
nmlsconsumeraccess.org
First Heritage Mortgage, LLC, Company NMLS ID #86548

Our Location

3201 Jermantown Road
Suite 800
Fairfax, VA 22030
Business: 703-293-6146
Cellphone: 571-237-6241

Copyright © 2023 · Powered by MySMARTblog