Conforming loan limit stays at $417,000

The conforming loan limit for mortgages purchased by Fannie Mae and Freddie Mac will remain at $417,000 next year, while debate continues over whether it will be lowered in 2009 to reflect falling home prices.

The Office of Federal Housing Enterprise Oversight (OFHEO) determines the conforming loan limit according to the average home price as reported each November by the Federal Housing Finance Board (FHFB).

OFHEO today followed through on a previous promise to leav more...

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