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Just Announced: New Conforming Loan Limits for 2009
For most of 2008 we have operated with temporarily increased conforming loan
limits, $580,000 here is Sacramento. As we near the end of the year, the question we’ve all asked is what will the 2009 limits be?
Yesterday, the announcement came. On January 1, 2009, most of the country will return to the 2007/2008 limit of $417,000. However for High Cost areas of the country, the new maximum loan amount will be
“calculated as 1.15 times the median house price for the highest priced county in the property’s metropolitan or micropolitan area or the median house price for the property’s county if it is in a rural county. “
In Sacramento that translates to $474,950 for a single family home, higher for 2-4 units of course. If you’re not in Sacramento and wish to check your area, click here for the list of High Cost areas and their loan limits.