UPDATE (Nov 26, 2009): Please see updated limits for 2010 at Congress extends Fannie and Freddie conforming loan limits for Boston thru 2010
UPDATE (Feb 14, 2009): Please see the updated limits for 2009 in Boston at 2009 Fannie and Freddie conforming loan limits for Boston increased in stimulus bill
The 2009 conforming loan limit nationwide for Fannie and Freddie is $417,000 for single families or condos (1 unit homes), except in "high cost areas". The Boston metro area is one of these high cost areas, so here the conforming limit is based on 1.15 times the median house price in the metropolitan area. Here are the limits (on single and multi-family homes) for Boston and the rest of the high cost areas in Massachusetts:
Boston-Cambridge-Quincy, MA-NH (Metro Area) Component Counties (MA): Essex, Middlesex, Norfolk, Plymouth, Suffolk
1 Unit: $465,750
2 Unit: $596,250
3 Unit: $720,700
4 Unit: $895,700
Providence-New Bedford-F. River, RI-MA (Metro Area) Component Counties (MA): Bristol
1 Unit: $426,650
2 Unit: $546,200
3 Unit: $660,200
4 Unit: $820,500
Duke's County
1 Unit: $625,500
2 Unit: $800,775
3 Unit: $967,950
4 Unit: $1,202,925
Nantucket County
1 Unit: $625,500
2 Unit: $800,775
3 Unit: $967,950
4 Unit: $1,202,925
If your loan amount is above these limits, you will be looking at a "jumbo" or non-conforming loan, usually resulting in higher rates. These new amounts are for loans funded in 2009, but most banks have started using the limits in their underwriting already since the loans applied for now are most likely not going to close until 2009.
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