Rules on Loan Limits Effective May 1, 2009
Fannie Mae has announced today that, beginning May 1, 2009, it will accept for delivery loans originated in 2009 using the higher of the current permanent high-cost loan limits, or the temporary loan limits that were in place in 2008.
This change in its Selling Guide is due to provisions in the American Recovery and Reinvestment Act (ARRA) of 2009. Fannie Mae is labeling these new ARRA loan limits "temporary high-cost area loan limits".
Learn more about eligibility, appraisal, and application requirements, and how it affects you
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0908.pdf and
https://www.efanniemae.com/sf/mortgageproducts/pdf/highbalancematrix.pdf
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