Truckee Tahoe Real Estate Conforming Loan Limit Changes
Truckee
California Real Estate NewsConforming Loan Limit Changes for 2009 Bonnie Jessee,
530 412 3984
Despite the slide in housing prices in most parts of the country, the conforming home loan limit will remain at $417,000 next year for most of the country.
The limits set the maximum size for loans that Fannie Mae and Freddie Mac can purchase. Conforming loans generally have lower interest rates, perhaps up to a half percentage point lower, than nonconforming, or jumbo, loans.
The loan limits are based on changes in average home prices over the previous year, but under terms of housing-recovery legislation passed this year cannot decline.
For high-cost areas in 2009, loan limits will equal 115% of local median house prices, but cannot be more than $625,500, which is 150% of the standard limit.
Loans originated in 2008 and the second half of 2007 have limits of 125% of local price medians, up to a maximum of $729,750.
Placer
County Current conforming loan limits for 2008 $580,000.00
Nevada
County $562,500.00
New conforming limits for 2009
Placer
County $474,950.00
Nevada
County $477,250.00
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