"The conforming limit will rise to $417,000 in 2006, an increase of almost 16 percent over the 2005 limit of $359,650. That's the limit for single-family homes in the continental United States."
"Conforming mortgages are home loans that conform to standards set by Fannie Mae and Freddie Mac, the mortgage giants that keep money flowing by buying home loans from lenders and selling them as investments. The conforming limit marks the maximum loan size that Fannie. ( Bankrate.com)"
Certainly, the housingheads will be cheering this decision.
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This was known months ago, in fact, many lenders increased the limits early in expectation.
ReplyDeletegrim
"They have no choice but to raise the limit- the bubble has created a need for it."
ReplyDeleteBubble, what bubble. Remember, it's a balloon, not a bubble.