Debate Over Conforming Loan Limit
Sedona luxury real estate could be eligible for better loans
Sedona luxury real estate is often priced above the current conforming loan limit of $417,000. Instead, Sedona luxury real estate often needs a jumbo loan in order for financing to go through. The high interest rates have caused trouble for some.
Now, though, there is a debate over the conforming loan limit. As part of last week’s economic stimulus package (most notable for the tax rebate announcement), the Bush Administration and House leaders agreed to increase the conforming loan limit to allow higher-priced markets access to loans that could be bought by Freddie Mac and Fannie Mae.
The Senate, however, is a different story. Some worry that raising the conforming loan limit would do more harm than good.
For more on Sedona luxury real estate, and local news, contact Claudia Ault.
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August 2nd, 2008 at 1:25 pm
[...] Mae & Freddie Mac are the some of the largest buyers of conforming mortgages on the secondary market, meaning that what goes on with FNMA & FHLMC effects the [...]