2009 Mortgage Limits have been announced by Fannie Mae, Freddie Mac, and FHA.
A Message from Tim Lamb, Mortgage Consultant
The current conventional conforming mortgage limit will remain at $417,000. This is not change from 2008. Any mortgage balances above $417,000 is considered a jumbo mortgage and falls into a different group. Just so you know there are NO investors currently buying Jumbo mortgages. So Jumbo loans are being held by large banks such as Wells Fargo and your borrowers will pay an increased interest rate for these jumbo products.
The temporary FHA limits announced last year will be come permanent in 2009. The maximum FHA mortgage is $271,050. This again is not a change from the temporary limits announced last year.
The VA limits are a little different. In most cases a borrower can borrow $417,000 with no down payment as long as he or she has $36,000 worth of VA Eligibility and qualify under the VA guidelines..
The most significant of these is the FHA limit becoming permanent. The FHA mortgage product is projected to be 40% of our market in 2009 and currently has the best underwriting guidelines and lowest PMI rates available. We will be doing more and more of these FHA loans.
I hope you find this information useful!
Timothy A. Lamb
Mortgage Consultant
Skogman
Mortgage Company
MAC M2623-011
(319)368-1240 Tel
(866)
867-7183 Fax
timothy.a.lamb@skogmanmortgage.com
