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Last week the U.S. Congress passed a congressional resolution extending the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010.

This extends the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in New Jersey.  The conforming loan limit determines the maximum size of a mortgage loan that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.”  For the complete story go to  http://www.reuters.com/article/pressRelease/idUS252312+30-Oct-2009+BW20091030

Okay, what does this mean for a New Jersey borrower?

It means that more New Jersey families are eligible in 2010 to purchase or refinance their homes using affordable, FHA-insured mortgages, thanks to this resolution.  For more information on Loan Limits in Northern New Jersey counties including Bergen, Passaic, Morris, Essex, Hudson and Union, go to New Jersey FHA Mortgage Loan Limits – Bergen County & Northern NJ.

This also extends the FHA Jumbo Home Mortgage Loan limits.  For information on Jumbo Loans and why they are so Good for New Jersey Market go to FHA Jumbo Loans – Good for Bergen County and the Northern New Jersey Market.
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I hope you have enjoyed this blog.

Until next time,

Tony
201-943-6800

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