| In This Issue... |
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What's New
Mortgage Products
Underwrite and Process with Loan Prospector
Sell & Deliver Loans
Service Loans
Training and Education
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2008 conforming loan limits
On November 27, we announced that for 2008 we are maintaining our conforming loan limits at the 2007 levels. This is the third consecutive year we’ll have the same conforming loan limits. Through December 31, 2008, Freddie Mac will continue to purchase home mortgages up to the following loan amounts:
| Property type |
2008 Loan Limits (Except for properties in AK, HI, GU & VI) |
2008 Loan Limits for properties in 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 |
The unchanged conforming loan limits will allow you to:
- Continue to make lower-cost mortgages available to homebuyers, particularly those interested in purchasing homes in areas where home prices remain high.
- Assess your portfolio needs. The shifting market environment may be impacting the interest rate and credit risk of mortgages in your portfolio. Now is the time to take a look at your portfolio and determine solutions that meet your business objectives
- Rest easy with no operational changes. Because 2008 loan limits are unchanged from 2007, there are no changes to your operational procedures or processes, including Loan Prospector® assessment, and commitment and delivery.
The 2008 conforming loan limits will be incorporated into the Single-Family Seller/Servicer Guide in an upcoming Guide Bulletin.
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