Conventional Loan Limits for 2008 to Stay at $417,000

Fannie Mae today announced that its 2008 conforming loan limits would remain at the limits set in 2006 and 2007, as determined by the Office of Federal Housing Enterprise Oversight (OFHEO).

Limits for single-family mortgages purchased by Fannie Mae will remain at the 2006 and 2007 level of $417,000 for one-unit properties for most of the U.S. Limits for multi-unit loans for 2008 will be as follows: two-family loans $533,850, three-family loans $645,300, and four-family loans $801,950. The 2008 loan limit for second mortgages will be $208,500.

The maximum amounts for one-to-four-family mortgages and second mortgages in Alaska, Hawaii, Guam and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country.