Fannie Mae, Lending Guidelines
No Changes Set Forth for 2010 Conforming Loan Limits
November 18, 2009 by James K Barath, CMPS · Leave a Comment
A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.
Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on “typical” housing costs nationwide.
Loans in excess of this amount are typically called “jumbo”.
While home prices increased from 1980 to 2006, so did conforming loan limits. Since then, however, as home prices have dipped, the conforming loan limit has held.
Now, in 2010, for the 5th consecutive year, the government set $417,000 as the nation’s conforming mortgage loan limit.
The 2010 conforming loan limits, as released by the government, are:
But conforming loan limits don’t apply to all U.S. geographies equally. As a result of various economic stimuli since 2008, the government now considers certain regions around the country ”high-cost” areas. In these areas, conforming loan limits can range to $729,750.
There are less than 200 such areas nationwide. The complete list is published on the Fannie Mae website.
Need more expert advice? Ask the team of Certified Mortgage Planning Specialists at Benchmark Mortgage.
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! 
