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

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