12/07/2004

New loan interest rates

Buyers will have a little more leeway on their new loans. Conforming loan limits for conventional loans have been raised from $333,700 to $359,650 for 2005 for single family homes. Conforming loan limits for 2 to 4 units range from $460,400 to $691,600. What this means to the buyer is that an adjustment was made to last year's average home price as calculated by the Federal Housing Finance Board for Fannie Mae and Freddie Mac loans so that the higher interest rate for a jumbo loan would not be in effect until loan limits higher than those above are reached. Click on MBA Residential Finance Updates for more.

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