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 February 01, 2008

Conforming Loans
On January 29th, the House of Representatives approved the Bush Administration's stimulus package, which will raise conforming loans, for higher costing areas, to approximately $730,000. This will only be good until the end of the year.
Freddie Mac, the Federal Housing Administration and Fannie Mae will be restricted from buying loans which are over one hundred twenty five percent of the median price of a home. If this bill later becomes law, the rest of the $417,000 conforming loan term available for a Fannie Mae purchase could not compound where the median price of a home is $333,600 or under.

Once the bill passed, within 30 days, the Secretary of Housing would have to decide on the median price of a home for the vast array of housing markets.

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