Fannie and Freddie Have At Least One Constant
Per a post recently in the Wall Street Journal, Freddie Mac and Fannie Mae have etched at least one thing in stone for 2009: the conforming loan limit, i.e. - the maximum size of loans that the loan buyers can purchase from lenders. The current limit of $417,000 will remain in place for 2009 for single-unit homes according to the Federal Housing Finance Agency. Changes to the conforming loan limit are based on guidelines set forth in the Housing and Economic Recovery Act of 2008, which dictate that the previous year’s housing prices will determine the following year’s conforming loan limit increase. From the Federal Housing Finance Agency:
For this year…all reliable metrics point to lower prices, and a price decline of any size is sufficient to determine that the national limit will not change,” the agency said in a statement.
More to the point for purposes of those wishing to buy real estate in Maryland, there are limits for one-, two-, three- and four-unit properties throughout the United States, by county. Maryland’s county limits for each type of property are noted below, and Maryland real estate agents can pass the news along to clients.
| County | 1 Unit | 2 Units | 3 Units | 4 Units |
| Allegany County | $417,000 | $533,850 | $645,300 | $801,950 |
| Anne Arundel County | $494,500 | $633,050 | $765,200 | $950,950 |
| Baltimore County | $494,500 | $633,050 | $765,200 | $950,950 |
| Calvert County | $625,500 | $800,775 | $967,950 | $1,202,925 |
| Caroline County | $417,000 | $533,850 | $645,300 | $801,950 |
| Carroll County | $494,500 | $633,050 | $765,200 | $950,950 |
| Cecil County | $417,000 | $533,850 | $645,300 | $801,950 |
| Charles County | $625,500 | $800,775 | $967,950 | $1,202,925 |
| Dorchester County | $417,000 | $533,850 | $645,300 | $801,950 |
| Frederick County | $625,500 | $800,775 | $967,950 | $1,202,925 |
| Garrett County | $417,000 | $533,850 | $645,300 | $801,950 |
| Harford County | $494,500 | $633,050 | $765,200 | $950,950 |
| Howard County | $494,500 | $633,050 | $765,200 | $950,950 |
| Kent County | $417,000 | $533,850 | $645,300 | $801,950 |
| Montgomery County | $625,500 | $800,775 | $967,950 | $1,202,925 |
| Prince George’s County | $625,500 | $800,775 | $967,950 | $1,202,925 |
| Queen Anne’s County | $494,500 | $633,050 | $765,200 | $950,950 |
| St. Mary’s County | $417,000 | $533,850 | $645,300 | $801,950 |
| Somerset County | $417,000 | $533,850 | $645,300 | $801,950 |
| Talbot County | $417,000 | $533,850 | $645,300 | $801,950 |
| Washington County | $417,000 | $533,850 | $645,300 | $801,950 |
| Wicomico County | $417,000 | $533,850 | $645,300 | $801,950 |
| Worcester County | $417,000 | $533,850 | $645,300 | $801,950 |
| Baltimore city | $494,500 | $633,050 | $765,200 | $950,950 |
Tags: conforming loans, fannie mae, federal housing finance agency, freddie mac, housing and economic recovery act, maryland real estate agents
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March 25th, 2012 at 11:18 pm
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Thanks again.
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