Freddie Mac announced conforming loan limits for next year and indicated that the high-cost limit has been extended.
The loan limit for loans secured by properties in areas designated as high-cost has been extended through 2010, the secondary lender announced today. The high-cost limit is $729,750.
The extension of the high-cost limit was done pursuant to a Continuing Resolution passed by Congress and signed by President Obama on Oct. 30.
The one-unit conforming limit in areas not considered high-cost remains at $417,000, while the two-unit limit stands at $533,850. The limit on three-unit properties stayed at $645,300, and the four-unit limit is $801.950.
Loan limits in Alaska, Hawaii, Guam and the US Virgin Islands are 50 percent higher. That works out to $625,500 on a one-unit property.
The limit for subordinate lien mortgages remains at half of the one-unit limit on first mortgages, or $208,500.
