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FHFA Max conforming loan limits steady through mid-2011
WASHINGTON (11/22/10)--The Federal Housing Finance Agency (FHFA) on Friday announced that the maximum conforming loan limits for mortgages originated in the first nine months of 2011 will remain unchanged from 2010 limits. The maximum conforming loan limits “are generally $417,000 but can be as much as $729,750 in certain high cost areas in the contiguous United States,” the FHFA said in a release. A continuing congressional resolution requires Fannie Mae and Freddie Mac to set the loan limits for mortgages originated during the federal government’s 2011 fiscal year at an amount “equal to the higher of the maximums determined under the Economic Stimulus Act (ESA) of 2008 and the Housing and Economic Recovery Act (HERA) of 2008,” the FHFA release added. The ESA limits are fixed dollar amounts, while the HERA limits are updated annually, the FHFA added. For the full release, use the resource link.
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