2009 Fannie Mae Lending Limits

The new 2009 lending limits have been published.  This will tell you what the maximum loan amount is for the county you are buying or refinancing in that Fannie Mae and Freddie Mac will buy.

But……the real limit if $417,000 for everyone except HI, AK and Guam for “normal” rates.  If you are in a county like Los Angeles that says the limit is $625,500, any loan between $417,001 and $625,500 will have a higher rate because it is a Conforming Jumbo loan.
There are still ways to get a better rate on your first mortgage if you are over the $417,000 loan amount.
You can get a 2nd mortgage as a fixed rate or HELOC.  Yes, they are still available!  And with the prime low and probably going lower, you may get a great deal.
There are also a few lenders that do not sell to Fannie and write their own guides.  Yes, they still exist too!
FHA has still not posted their maximum loan amount and neither has VA decided what they will be doing for 2009, so stay tuned.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: