The American Recovery and Reinvestment Act (ARRA), which was signed into law on Tuesday, February 17, increased the maximum conforming loan limit for mortgages originated in 2009. The increase affects 250 counties across the U.S., none of them in Minnesota. The levels for the entire state of Minnesota are as follows:
- One-Unit Limit = $417,000
- Two-Unit Limit = $533,850
- Three-Unit Limit = $645,300
- Four-Unit Limit = $801,950
Conforming loan limits for 2009 were originally announced in late 2008 and had been calculated under terms set forth in the Housing and Economic Recovery Act of 2008 (HERA), passed in July 2008. The new ARRA legislation stipulates that, for loans originated in 2009, the loan limit is to be the higher of the 2008 limits and those originally calculated for 2009 under HERA. Where the 2008 and 2009 limits differ, the 2008 limits tend to be higher and thus, in most cases, loan limits are reverting back to last year's levels
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Posted by: Laive | May 03, 2009 at 02:35 PM