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Conforming Loan Limits Remain Unchanged at $417,000 for 2007

5:12 pm   -   November 28th, 2006

The Office of Federal Housing Enterprise Oversight (OFHEO) released the 2007 conforming loan limits this afternoon and announced what many industry experts expected, no change. The OFHEO had previously issued a statement on November 15th saying they would not lower conforming loan limits for 2007 from the $417,000 limit set in 2006.

The OFHEO sets the maximum loan limit that Fannie Mae and Freddie Mac (otherwise known as the “enterprises”) can purchase and/or “guaranty”. This is what is known as the “conforming” loan limit and mortgages above $417,000 are typically called “jumbo” or “non-conforming” loans.

The OFHEO also announced they will be issuing guidance for lenders for 2008 limits sometime in early 2007. There have been concerns over the conforming limit being lowered due to declines in property values nationally.

To read the press release, click here to visit the OFHEO website.



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