Temporary Conforming Loan Limits Updated In Three Areas
May 6, 2008
WASHINGTON, DC – The Office of Federal Housing Enterprise Oversight (OFHEO) has updated the maximum conforming loan limits temporarily in effect as a result of the Economic Stimulus Act of 2008. The updates affect three specific areas and are a result of revisions in the U.S. Department of Housing and Urban Development’s (HUD) estimates of home prices in certain counties and local areas. Under the Economic Stimulus Act, temporary maximum conforming loan limits are determined by local median home prices. HUD’s revisions of estimated median prices are the result of valid public appeals accepted in the 30 days immediately following its initial determination of median prices.
The three affected areas are: Gunnison County, Colorado; Blaine County, Idaho; and the San Juan-Caguas-Guaynabo, Puerto Rico Metropolitan Statistical Area (MSA). For one-unit homes, the new maximums for temporary conforming loans in these areas are (respectively): $433,750, $729,750, and $606,250. For Blaine County and San Juan-Caguas-Guaynabo, these limits are $302,250 and $189,250 above the prior limits respectively. For Gunnison County, the new limit is $16,750 higher than its previous value.
The updated list of new maximum conforming loan limits can be found at: /Regulations.aspx?Nav=128. This list incorporates the changes made for the three areas and also includes the adjusted limits originally announced on March 6, 2008. The list includes only areas with maximum temporary limits that exceed the one-unit limits originally announced in November 2007.