We want to let all our friends and clients know about the 2009 Conforming Loan limits.

  

The 2009 Conforming loan limits have been announced. We can begin to take applications for these new loan limits starting Nov 14th, 2008 as long as the loan is to close in 2009.

 

1 unit

2 unit

3 unit

4 unit

Essex, Middlesex, Norfolk, Plymouth and Suffolk Counties

$465,750

$596,250

$720,700

$895,700

Bristol County

$426,650

$546,200

$660,200

$820,500

Duke and Nantucket County

$625,500

$800,775

$967,950

$1,202,925

 

The good news is that the loan limits are higher than the current conforming loan limits.   The not so good news is that the temporary Conforming Loan limits that are available now (up to $523,750 in our market) will not be allowed after Dec 31st, 2008.    So if you have a customer with a pre-approval under this program, please make sure they buy now and close before the end of this year.

We are still waiting for the new FHA loan limits to be announced, but those are also expected to increase.FHA may even be loosening their standards on Condos in the coming months. I will keep you posted as the news is announced.

Please let me know if you have any questions. We are happy to provide you with more information. We can help both buyers and sellers in the Winchester area. Please visit our website at www.northofbostonre.com or contact Sven Andersen at sven@theandersenteam.com