For 2010, we are maintaining the base conforming loan limits at the 2009 levels. Through December 31, 2010, Freddie Mac will continue to purchase home mortgages up to the following loan amounts:
Property Type |
Maximum Base Conforming Loan Limits for properties NOT located in Alaska, Hawaii, Guam & U.S. Virgin Islands |
Maximum Base Conforming Loan Limits for properties located in Alaska, Hawaii, Guam & U.S. Virgin Islands |
|---|---|---|
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 |
The conforming loan limits above are for mortgages that are not in designated high-cost areas as defined by the Federal Housing Finance Agency.
Higher Loan Limits for Certain High-cost Areas and Freddie Mac's Super Conforming Mortgages
The maximum loan limits in certain high-cost areas are higher than the base conforming loan limts. Mortgages that Freddie Mac will purchase above the base conforming loan limits are called super conforming mortgages.
The Housing and Economic Recovery Act (HERA) allows for higher limits - the lesser of (i) 115% of the median house price or (ii) 150% of the conforming loan limit, currently $625,500, for a one-unit single-family residence – in certain high cost areas — where 115% of the median home price exceeds the otherwise applicable conforming loan limit. The high-cost provisions became effective January 1, 2009.
Separately, the loan limits for mortgages with note dates between October 1, 2008 and December 31, 2010 in designated high-cost areas are the higher of the temporary limits established by the Economic Stimulus Act of 2008 (ESA) (maximum of $729,750 for 1-unit single-family properties) and the permanent limits established by HERA. The maximum loan limits for 2- to 4-unit properties and properties located in Alaska, Hawaii, Guam and the U.S. Virgin Islands are higher.
The following maximum original loan amounts apply to super conforming mortgages sold to Freddie Mac with note dates on or after October 1, 2008, and on or before December 31, 2010:
| Units | Minimum/Maximum Original Loan Amount |
Properties in Alaska, Hawaii, Guam and the U.S Virgin Islands |
||
|---|---|---|---|---|
Maximum Loan Amount |
Maximum Loan Amount |
|||
Permanent HERA |
Temporary |
Permanent HERA |
Temporary |
|
| 1 | $625,500 |
$729,750 |
$938,250 |
$1,094,625 |
| 2 | $800,775 |
$934,200 |
$1,201,150 |
$1,401,350 |
| 3 | $967,950 |
$1,129,250 |
$1,451,925 |
$1693,900 |
| 4 | $1,202,925 |
$1,403,400 |
$1,804,375 |
$2,105,100 |
| *These are the maximum potential loan limits for designated high-cost areas. Actual loan limits are established for each county (or equivalent) and the loan limits for specific high-cost areas may be lower. The original principal balance of a Mortgage must not exceed the maximum loan limit for the specific area in which the mortgaged premises is located. |
For more details on our requirements for these mortgages, visit our Super Conforming Mortgages Web page.