Both Fannie Mae and Freddie Mac have announced that conforming loan limits for first lien-loans will remain unchanged for 2007:
|
Property Type
|
2007 Loan Limits
(Except for AK, HI, GU & VI)
|
2007 Loan Limits
(AK, HI, GU & VI)
|
|
1-unit
|
$417,000
|
$625,500
|
|
2-unit
|
$533,850
|
$800,775
|
|
3-unit
|
$645,300
|
$967,950
|
|
4-unit
|
$801,950
|
$1,202,925
|
Fannie Mae and Freddie Mac's conforming loan limits for second-lien loans will also remain unchanged. For second mortgages, the maximum allowable original loan amount is $208,500 (or $312,750 in Alaska, Hawaii, Guam and the Virgin Islands). Furthermore, regardless of whether Fannie Mae or Freddie Mac owns or has an interest in the first mortgage, the sum of the first - and second - lien loan amounts cannot exceed $417,000 (or $625,500 in Alaska, Guam, Hawaii, and the Virgin Islands).
For a copy of Fannie Mae's announcement, please click here.
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