The Office of Federal Housing Enterprise Oversight (OFHEO) has issued the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas, and the new jumbo limits are a function of median home prices as estimated by the U.S. Department of Housing and Urban Development, OFHEO says.
The maximum for temporary jumbo conforming loan limits, which apply to loans originated in the period between July 1, 2007, and Dec. 31, 2008, are as high as $729,750 for one-unit homes in the continental U.S. Two-, three- and four-unit homes have higher limits as well. Alaska, Hawaii, Guam and the Virgin Islands also have higher maximum limits.