Conforming Loan Limits Extended Through September 2011
The conforming loan limits were extended through September 2011 which is great news for the Northern Virginia Housing Market.
The Senate and House passed H.R. 3081 last Thursday which contains a provision extending the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration through September 30, 2011.
By extending the existing higher loan limits, it helps buyers have access to affordable long-term, fixed rate mortgages in today’s struggling economy. Without such an extension, larger loans would have fall into the jumbo loan category, resulting in interest rates a percentage point or more higher than conforming loans.
As always, if you have any questions or need a buyer prequalified I am always available.
Have a great Monday!
Tammi Lewis
Senior Loan Consultant
1st Mariner Mortgage
Cell#: (410)725-9451
Fax #: (443)296-9132
Buying or Selling a home in Northern Virginia? Please call Kim Darwaza of RE/MAX Allegiance to discuss all of your real estate needs at 703-856-2254. To search the MLS please visit http://www.kimdarwaza.com.