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County-by-County: The 2009 "High-Cost" Conforming Loan Limits
February 24, 2009 by James K Barath, CMPS · 1 Comment
As part of the stimulus package passed last week, Congress authorized a temporary increase to conforming loan limits in certain high-cost parts of the country.
“High cost” is defined by a regions’ median sales price.
With the temporary increase, a greater share of Americans can now qualify for Fannie Mae- and Freddie Mac-backed loans, usually the least expensive source for mortgage money.
Higher loan limits can be good for the housing market and the broader economy for two reasons:
- Cheaper money can spur new home demand, supporting home values.
- Higher loan limits render more homeowners refinance-eligible, freeing up cash for spending, saving, or investing.
The complete county-by-county loan limit list is available on the OFHEO website.
Of the 3,232 U.S. counties, 10 percent are considered “high-cost”. Residents of these areas can expect the same low rates offered to the rest of the country, but with a slight premium. Be sure to ask your qualified mortgage planner about how it works.
About the Author: James K Barath is a Certified Mortgage Planning Specialist, qualified liability advisor and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James Barath today for your Borrow Smart Analysis - the CALM Approach to Borrowing ! His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy! 
Great information Mr. Barath. As these changes are made, it’s important to share them with consumers.