WASHINGTON – Despite falling home prices, Fannie Mae and Freddie Mac will retain the same conforming loan limits for 2010, the companies’ federal regulator said last week.
The Federal Housing Finance Agency has set the maximum amount on conforming mortgages for single family homes, condos and condominiums at $417,000 for 2010, unchanged from 2009.
It has also extended the high-cost loan limits for mortgages originated in high cost areas, including the Washington metro, allowing conforming mortgage amounts up to $729,750.
Outside of the continental U.S., loan limits also remain unchanged, at $625,500 in Alaska, Hawaii, Guam and the U.S. Virgin Islands.
Conforming limits are recalculated each year, and are based on sales price changes from the previous year. They represent the maximum loan amount that can be bought or guaranteed by both Fannie Mae and Freddie Mac.
