The Federal Housing Finance Agency today released the 2009 Conforming Loan Limits – the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009 – and Northern Virginia is at the maximum $625,500. Most of the country has a $417,000 maximum.
Because of the Economic Stimulus Act enacted in August, loans originated in 2008 up to a maximum of $729,750 may be purchased by Fannie and Freddie. This means that, if you are hoping to buy home in the higher price range, you have a very small window of time in which to get your act together. When the clock strikes 2009, the interest rate on new mortgages between $625,500 and $729,750 will go up.
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[…] of higher end homes an important break on interest rates for loan limits up to that amount. At the end of 2008, the temporary limit expired and it dropped to $625,500. This stimulus bill reinstates that $729,750, which should make it easier to get larger loans which […]