Director James B. Lockhart of the Office of Federal Housing Enterprise Oversight announced that the maximum 2008 conforming loan limit for single-family mortgages purchased by Fannie Mae and Freddie Mac (the Enterprises) will remain at the 2007 level of $417,000 for one-unit properties for most of the U.S. (Higher limits apply to Alaska, Hawaii, Guam and the U.S. Virgin Islands as well as to properties with more than one living unit).
“While the house price survey data used in determining the conforming loan limit show a decline over the past year, as previously announced and consistent with the proposed new conforming loan limit guidance, the level will remain at $417,000 for the third straight year,” said Lockhart.
We had hoped to see a slight rise in the conforming loan limit as the property prices in Nashville continue to climb, but it is still positive news that the limits did not drop. View estate homes in Nashville, you will be pleasantly surprised by the size, price, and level of craftsmanship!
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