Tuesday, November 29, 2005

Conforming Loan Amounts to Rise

On Jan 1 2006 Freddie Mac and Fannie Mae will raise their loan limits on single-family mortgage loans from the current $359,650 to $417,000 .

The new loan limits mean that a buyer will have an easier time purchasing a home. Buyers who obtain loans under the conforming limit also get a better interest rate.

Limits for multi-unit loans are : two unit loans $533,850, three unit loans $645,300, and four unit loans $801,950. For South Bay buyers this could make a big difference for someone who wants to purchase an income property.

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