Temporary Jumbo Loan Limits Extended Through 2010
The temporary increased maximum loan limits originally set to expire at the end of the year will remain in place through 2010, according to the Federal Housing Finance Agency (FHFA). The limits for conforming jumbo loans eligible for purchase by the government-sponsored enterprises (GSEs) was set at $417,000 for single-family homes by the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA), but were set to expire at the end of 2009. Loan limits for two-, three-, and four-unit properties in 2010 will also remain unchanged from 2009 levels — $533,850, $645,300, and $801,950, respectively, FHFA said — as well as higher loan limits set for high cost areas, along with certain statutorily designated locations, including Alaska, Hawaii, Guam and the U.S. Virgin Islands. Write to Austin Kilgore.