The conforming loan limits have been annonced for 2009. In our Washington DC market, the new limits will be $625,500. This area has been designated a high-cost area and has the highest limit possible.
As you may know, the temporary loan limits that were instituted under the Economic Stimulus Act will expire on December 31st, 2008. I was glad to see that the limit in our area did not revert back to $417,000. While the high cost of buying and living in this area is not really good news, at least there is recognition that we are different from small town USA in terms of what a borrower will need to buy a house around here.
