Fannie Mae Limits Increased.
July 31, 2008 by Gordon Corsie · Leave a Comment
Soon to be signed by President Bush, a Bill that would increase the limits on Federally insured mortgages from $417,000 to $625,000 in most areas.
Affordability index increases!
What this means is that for local buyers here in Pleasanton and Livermore where despite a fall in value housing prices remain relatively high, more buyers will be able to fall within what is known as the “conforming limit” of a loan amount $625,000 or less. Bottom line this means a lower interest rate with lower costs associated and makes homes more affordable. Potentially this could help the market recover although signs are that the five year housing price correction is over.
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