Topics In This Issue
• Federal Issues
• State Issues
• Firm News
• Consumer Finance
Excerpt from "Federal Issues"
Freddie Mac and Fannie Mae Announce Loan Limits for 2011. On November 19, Freddie Mac announced that it is maintaining loan limits in designated high-cost areas at 2010 levels through September 30, 2011. The announcement complies with the requirements of the continuing resolution passed by Congress and signed into law on September 30, 2010. The current limit of $625,000, set by The Housing and Economic Recovery Act of 2008 (HERA) for one-unit single-family residences in high-cost areas, will be maintained for the first nine months of 2011. In certain circumstances, temporary higher loan limits established by HERA or the Economic Stimulus Act of 2008 also will continue to apply through September 30, 2011. For a copy of the high-cost loan limits announcement, please click here. Also on November 19, Fannie Mae published Lender Letter LL-2010-13, announcing that the general loans limits for 2011 for all conventional mortgage loans remain unchanged from the 2010 limits. The high-cost area loan limits for first mortgage loans originated on or before September 30, 2011 also remain unchanged from the 2010 limits, with a maximum limit of $729,750 for a one-unit property in the continental United States. High-cost area limits for first mortgage loans originated after September 30, 2011, have been revised and consist of a maximum limit of $625,500 for a one-unit property in the continental United States. Lenders are advised to make use of reference material on www.eFannieMae.com to ensure that the original principal balance of each mortgage loan does not exceed the applicable maximum loan limit for the specific area in which the property is located.
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