U.S. extends Fannie, Freddie conforming loan limits

Higher maximum conforming mortgage loan limits for Fannie Mae and Freddie Mac will be extended through September 2011, the housing finance entities’ regulator said on Friday.

The Federal Housing Finance Agency said the maximum for the conforming loans – generally $417,000 for a single-family home but up to $729,750 in certain high cost areas — will remain unchanged in the first nine months of next year compared with 2010 levels.

The conforming, 30-year fixed loans must meet certain underwriting standards for loan-to-value and borrower credit scores and are put into Fannie’s and Freddie’s pools of guaranteed mortgage-backed securities.

The extension was dictated by a recently enacted Congressional resolution. The limits for high cost areas, generally on the east and west coasts, had been increased in a housing recovery bill passed in July 2008.      WASHINGTON (Reuters)

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