Fannie Mae and Freddie Mac Jumbo Mortgage Loan Limits are Dropping January 1st

12 Dec Fannie Mae and Freddie Mac Jumbo Mortgage Loan Limits are Dropping January 1st

Effective January 1, 2009, the maximum amount for loans that Fannie Mae and Freddie Mac are willing to buy will decline from $729,750 to $625,500 in the nation’s priciest areas.

Also on January 1st,according to Inside Mortgage Finance, underwriting standards for these loans will rise, requiring most buyers to put down 20 percent and have a debt-to-income ratio as low as 30 percent.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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