Great news concerning conforming mortgage loan limits for our immediate area. Effective January 1, 2009, Fannie Mae, Freddie Mac and FHA loan limits will be set at $625,500 for Somerset County and other "high cost" counties in the area. Also of note, FHA is going to increase it's down payment requirement to 3.5% from 2.25% effective Jan. 1st.
Thursday, November 13, 2008
Good News on Mortgage Loan Limits
Great news concerning conforming mortgage loan limits for our immediate area. Effective January 1, 2009, Fannie Mae, Freddie Mac and FHA loan limits will be set at $625,500 for Somerset County and other "high cost" counties in the area. Also of note, FHA is going to increase it's down payment requirement to 3.5% from 2.25% effective Jan. 1st.
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