STIMULUS PACKAGE FROM FEDERAL GOVT’S
As you all know, the Federal Govt’s. Stimulus Package for 2008 included raising the conforming loan limits from $417,000 to $708,750 for Fairfield County. Now that
2008 is coming to an end, we have been anxiously waiting for news on a 2009 Stimulus Package that might continue(for another year) the higher conforming loan limits. Well, we finally got the news we’ve been waiting for………….the national conforming loan limits will revert back to $417K for 2009 EXCEPT in a few “high cost area’s” across the country. Fairfield County happens to be one of those area’s and the new conforming loan limit for 2009 will be $511,750!!
The new mortgage loan limit will be a significant drop from the current $708,750 limit($197,000 less) which we’ve enjoyed in 2008 but better than the $417,000 limit most of the country will have to adhere to. This “interim” loan amount has been known by mortgage professionals as the “Conforming/Jumbo” and/or “Agency Jumbo” limit.