OFHEO Will Not Lower Conforming Loan Limit in 2008
The Office of Federal Housing Enterprise Oversight (OFHEO) said last week that it would not let the conforming loan limit for Fannie Mae and Freddie Mac to drop next year.
The single-family mortgage loan limits for the two housing government-sponsored enterprises (GSEs) are currently set at $417,000.
OFHEO said that if the index used to calculate the maximum loan level should increase, the amount of the increase in 2008 would be reduced by 0.16%, the decline calculated in 2006.
“Under no circumstance, however, would the maximum loan level for 2008 drop below the 2006 and 2007 limit of $417,000,” OFHEO Director James Lockhart said.
OFHEO is scheduled to announce the maximum conforming loan limit for 2008 next month.
Attend the Fall Construction Forecast Conference in October
Plan to attend NAHB's Construction Forecast Conference on Oct. 24 at the National Housing Center in Washington, D.C. The conference brings together the nation's premier housing economists and finance experts for an in-depth examination of the economic outlook for the housing industry.
Can't attend? Watch the conference webcast live.
For more information, or to register for the conference or webcast, visit www.nahb.org/cfc.
Want to Know the Housing Forecast for the Top 100 Metros?
Find out in HousingEconomic.com’s 2007-2008 Metro Forecast (free preview). Get the metro forecast with in-depth analysis, overviews and downloadable Excel tables.
To learn more, visit www.HousingEconomics.com.
Free NAHB Kit Gives Builders Back-to-Basics Tips to Navigate the Slowdown
What was once expected to be a relatively mild housing slump following three years of record new home construction and sales has given way to a significant downturn.
To help members navigate the uncharted waters of this slowdown, NAHB has compiled a comprehensive “Back to Basics” online toolkit — the best of the basics, the tried and true and the truly new. To access the toolkit, click here.
To access the “Back to Basics” toolkit, you must be an NAHB member and have a login to www.nahb.org. To create a login, go to www.nahb.org/login or click on the log-in button on the main menu bar.
For assistance, call the NAHB Member Service Center at 800-368-5242.