Conforming Loan Limits remain at $417,000
The office of Federal Housing Enterprise Oversight (OFHEO) announced that conforming lona limits for single-family mortgages will remain at $417,000. The same level that was established in 2006. The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or guarantee. Therefore, these types of loans have traditionally had LOWER interest Rates.
C.A.R. President says “California Home Buers are being Shortchanged!”
“By leaving the conforming loan limit un-chenged California Home Buyers are being Shortchanged,” says C.A.R. President Colleen Badagliacco. The median price of a home in California exeeds the national median by 79%, yet California is not recognized by OFHEO as a “HIGH COST” State? What are they thinking? Alaska, Hawaii, Guam, and the U.S. Virgin Islands ARE recoginzed as ‘high-cost’ states. Currently California has the third Highest Home prices in the Nation, compared to Hawaii at number 7 and Alaska at number 39! Once Again, WHAT is the OFHEO Thinking?? If you would like to voice your opinion on this issue please visit their website:
Office of Federal Housing Enterprise Oversight (OFHEO)
1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: 202-414-3800
Fax: 202-414-3823
Web: http://www.ofheo.gov/
E-Mail: ofheoinquiries@ofheo.gov
