BankRate

 

 

 2/13/2008

 

In high-cost markets, the $417,000 conforming loan limit for loans eligible for purchase or guarantee by Fannie and Freddie will be raised to 125 percent of the median home price, with an upper cap of $729,750. That formula means that the $417,000 conforming loan limit will remain in place in markets where the median home price is $333,600 or less.

 

 

Fannie Mae

Historical Conventional Loan Limits

 

(Excludes Alaska, Hawaii, the Virgin Islands and Guam)

 

Year 1 Unit 2 Units 3 Units 4 Units Seconds

 

1980 93,750 120,000 145,000 180,000 N/A *

1981 98,500 126,000 152,000 189,000 98,500 *

1982 107,000 136,800 165,100 205,300 107,000 *

1983 108,300 138,500 167,200 207,900 108,300 *

1984 114,000 145,800 176,100 218,900 57,000

1985 115,300 147,500 178,200 221,500 57,650

1986 133,250 170,450 205,950 256,000 66,625

1987 153,100 195,850 236,650 294,150 76,550

1988 168,700 215,800 260,800 324,150 84,350

1989 187,600 239,950 290,000 360,450 93,800

1990 187,450 239,750 289,750 360,150 93,725

1991 191,250 244,650 295,650 367,500 95,625

1992 202,300 258,800 312,800 388,800 101,150

1993 203,150 259,850 314,100 390,400 101,575

1994 203,150 259,850 314,100 390,400 101,575

1995 203,150 259,850 314,100 390,400 101,575

1996 207,000 264,750 320,050 397,800 103,500

1997 214,600 274,550 331,850 412,450 107,300

1998 227,150 290,650 351,300 436,600 113,575

1999 240,000 307,100 371,200 461,350 120,000

2000 252,700 323,400 390,900 485,800 126,350

2001 275,000 351,950 425,400 528,700 137,500

2002 300,700 384,900 465,200 578,150 150,350

2003 322,700 413,100 499,300 620,500 161,350

2004 333,700 427,150 516,300 641,650 166,850

2005 359,650 460,400 556,500 691,600 179,825

2006 417,000 533,850 645,300 801,950 208,500

2007 417,000 533,850 645,300 801,950 208,500

2008 417,000 533,850 645,300 801,950 208,500

Limits for Alaska, Hawaii, Virgin Islands and Guam are 50% higher than the

rest of the U.S. The Virgina Islands was designated a high cost area in 1992

and Guam in 2001.

* Prior to 1984, second mortgage limits were the same as first mortgage limits.

Subsequent legislation reduced the limits to 50% of first mortgage limits. Fannie

Mae had no second mortgage program before 1981.

 

Prepared by Executive Communications

Updated: November 27, 2007