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Freddie Mac limits unchanged for 2010


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POSTED: Friday, November 13, 2009

Conforming loan purchase limits under Freddie Mac will be the same for 2010 as they were in 2009, the Federal Housing Finance Agency has announced.

The limits set the maximum original loan amounts allowed on single-family conventional mortgages Freddie Mac can purchase, except in high-cost areas.

The agency also has extended the high-cost loan limits for mortgages originated in certain areas, and they are 50 percent higher in Hawaii, Alaska, Guam and the U.S. Virgin Islands.

The general Hawaii maximum is $625,500 for mortgages on single-unit, single-family homes, with exceptions in counties designated as high cost. (See chart.)

Loan limits are higher for homes with more than one separately habitable unit, such as in ohana-zoned areas.

Hawaii's real estate community is pushing for higher loan limits.

 

THE LOWDOWN ON LOANS

High-cost area loan limits for 2010

                                                                                                                                                                                                                                                                       
Market1-unit limit2-unit limit3-unit limit4-unit limit
Honolulu$793,750$1,016,150$1,228,300$1,526,450
Kahului-Wailuku$790,000$1,011,350$1,222,500$1,519,250
Kapaa (metro)$773,750$990,550$1,197,350$1,488,000
Kalawao County$716,250$916,950$1,108,350$1,377,450

Full county loan limits for 2010

                                                                                                                                                                                                                                                                       
Market1-unit limit2-unit limit3-unit limit4-unit limit
Hawaii$625,500$800,775$967,950$1,202,925
Honolulu$793,750$1,016,150$1,228,300$1,526,450
Kalawao$716,250$916,950$1,108,350$1,377,450
Kauai$773,750$990,550$1,197,350$1,488,000

Further details can be found online at www.freddiemac.com.

Source: Federal Housing Finance Agency