We have all been waiting for Fannie Mae to temporarily raise their conforming mortgage loan limits.  This should provide lower conforming interest rates for many Florida homeowners seeking to refinance or new home buyers relocating to Florida.  

However, these new conforming mortgage loans are intended to help borrowers in high cost areas only.  They are allowing Florida mortgage loan amounts up to 125% of the area median Florida home price as determined by the HUD, the US Department of Housing and Urban Development.

The temporary conforming Fannie Mae loan limits of the following counties have been updated as follows:

• Palm Beach County        $423,750
• Manatee County             $442,500
• Sarasota County             $442,500
• Collier County                 $531,250
• Miami-Dade County      $423,750
• Monroe County              $729,750

Please know that these limits are to help homeowners considering purchasing a new Florida home or refinancing (no cash out allowed).  Call your Florida mortgage professional for details on the mortgage programs available and qualifying terms required.

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