Conforming Loan Limit to Get Boost

One of the beefs that many mortgage lenders and the National Association of Realtors have had when it comes to “economic stimulus” has been a lack of attention for the conforming loan limit. Now, that is likely to change.
In all the hoopla surrounding last week’s tax rebate announcement, the fact that the new plan allows for a temporary raise to the conforming loan limit was lost. The Seattle Times reports on this conforming loan limit move:
It would raise loan limits temporarily above $700,000 for the quasi-government entities Fannie Mae and Freddie Mac, which fund the bulk of the nation’s mortgages. …read more