HOUSING RECOVERY ACT RAISES ALLOWABLE CONFORMING LOAN LIMIT FOR FANNIE MAE AND FREDDIE MAC

The Housing Recovery Act of 2008 raises the traditional conforming loan limit for Fannie Mae and Freddie Mac to a maximum loan amount of $625,500 in the nation's most affluent areas.  Raising this limit will lead to lower interest rates on some loans, greater refinancing opportunities, and enable more borrowers in high cost areas to as a result of the Housing Recovery Act signed into law in August 2008. 

Please see http://www.govtrack.us/congress/bill.xpd?tab=summary&bill=h110-3221 for more details on the new guidelines, or www.veridianmortgage.com/blog for commentary and/or email us at info@veridianmortgage.com for answers to your questions.