Question:

What was the 2007 conforming mortgage loan limit?

Answer:

The 2007 conforming mortgage loan limit for single-unit properties was $417,000. Here follow the 2007 conforming home loan limits for 1 to 4 unit properties:

  • Single Family - $417,000;
  • Two Family - $533,850;
  • Three Family - $ 645,300;
  • Four Family - $ 801,950;
  • Conforming Second Mortgage Loan - $ 208,500;
  • High Cost, Single Family - $ 625,500.

Limits for Hawaii, Alaska, Guam and the Virgin Islands are 50% higher due to higher homebuilding costs. A conforming second mortgage did not exist prior to 1981. Currently, the conforming second mortgage loan limits are set at half the limit for single-family properties.

The 2008 limits for conforming home mortgages remain the same. However, under the 2008 economic stimulus package from Feb 13, 2008 conforming loans limits are temporarily increased to $729,750 or to 125% of the average market value for single unit homes in the area, whichever is less.

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