Freddie Mac Statement on 2010 Loan Limits

PR Newswire

posted: 15 DAYS 18 HOURS AGO

Text SizeAAA

MCLEAN, Va., Nov. 12 /PRNewswire-FirstCall/ -- Freddie Mac's (NYSE: FRE) conforming loan purchase limits for 2010 are unchanged from those in effect for 2009 for all areas of the United States, according to the Federal Housing Finance Agency (FHFA). The loan limits set the maximum original loan amounts allowed on single-family conventional mortgages Freddie Mac can purchase except in high cost areas. The loan limits for first mortgages are:

-- $417,000 for mortgages secured by one-unit properties; -- $533,850 for mortgages secured by two-unit properties; -- $645,300 for mortgages secured by three-unit properties; and

-- $801,950 for mortgages secured by four-unit properties.

The loan limit for subordinate lien mortgage loans remains at half of the one-unit loan limit for first mortgages, or $208,500.

FHFA has also extended the high-cost loan limits for mortgages originated in certain high cost areas, up to a maximum of $729,750 in the contiguous United States through 2010, pursuant to a Continuing Resolution passed by Congress and signed by President Obama on October 30, 2009.

The loan limit for first mortgages will be 50 percent higher in Alaska, Hawaii, Guam and the US Virgin Islands. This means the maximum in these states and territories will be $625,500 for mortgages secure by one-unit properties, with slightly higher limits in designated high-cost counties.

Link to 2010 High-Cost Area Loan Limits (XLS Format)

Link to 2010 Loan Limits for All Counties (XLS format)

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac raises capital on Wall Street and throughout the world's capital markets to finance mortgages for families across America. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

SOURCE Freddie Mac

2009-11-12 15:29:00