Fannie Mae, Freddie Mac and the GSE regulators are reminding lenders that the maximum mortgage amount for conforming mortgages will remain unchanged for the first nine months of 2011.
The maximum conforming loan limit mortgages on single-family houses will remain at $729,750 in “high cost” markets such as the metropolitan areas of Boston, Los Angeles New York, Salt Lake City, San Francisco and Washington, D.C.
The $729,750 loan limit was due to expire at the end of this year and drop down to $625,500.
But Congress acted to quickly to pass an extension until September 30, 2011 to avoid any disruptions to the mortgage market.
In other non-high cost areas, the base conforming loan limit will remain at $417,000 for single-unit properties, $533,850 for two-unit properties, $645,300 for three-unit properties and $801,950 for four-unit properties.
