For those who are looking to buy a house, the mortgage limit before you have to get a Jumbo Mortgage is now $417,000 lowering the cost for people trying to get a mortgage under that.
U.S. mortgage finance regulators on Tuesday raised the limit for loans that can be bought by government-sponsored mortgage enterprises Fannie Mae and Freddie Mac to $417,000 for 2006, in most areas. Lenders charge lower interest rates for mortgages they are confident they can sell to Fannie Mae and Freddie Mac. Stephen Blumenthal, acting director of the Office of Federal Housing Enterprise Oversight (OFHEO), announced the rise in what is called the conforming loan limit for single-family mortgages purchased by Fannie Mae and Freddie Mac. The 2005 limit is $359,650. via Reuters
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