Fannie, Freddie, and FHA Loan Limits Extended in the Daytona Beach area
Congress passed a resolution Thursday extending the the current higher Fannie Mae, Freddie Mac, and FHA loan limits through 2010.
National Assn of Realtors President Charles McMillan said, “NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,”
He continued, "Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,”
The resolution would extend the present conventional loan limits for Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
We have great buyer opportunities now in the Daytona Beach area, so you know you can consider higher-priced investments into next year, with the extension of the loan limits.
Contact me to discuss these bargains.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com