Here is a quick reminder about Conforming and Jumbo Loan Limits. Generally speaking a Single Family Home loan up to $417,000 is considered a conforming loan. Amounts over $417,000 are considered Jumbo Loans.
Below are the Fannie Mae guidelines for 2008 including revisions after passage of the economic stimulus package by Congress.
With passage of the economic stimulus package, Fannie Mae may temporarily purchase loans beyond the company’s prevailing conventional loan limit in designated high-cost areas. The company may purchase loans with a maximum original principal obligation of up to 125 percent of the area median home price in high-cost areas, not to exceed $729,750 except in Alaska, Hawaii, Guam and the U.S. Virgin Islands where higher limits may apply.
Single-Family Mortgage Loan Limits effective January 1, 2008:
First Mortgages
One-family loans: $417,000
Two-family loans: $533,850
Three-family loans: $645,300
Four-family loans: $801,950
Note: One – to four – family mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country.
Second Motgages
$208,500
In Alaska, Hawaii, Guam, and the U.S. Virgin Islands: $312,750