The Office of Federal Housing Enterprise Oversight (OFHEO) put an end Wednesday to discussions of the possibility of raising the federal loan limits on government sponsored enterprises (GSEs) in an effort to help a mortgage market facing tighter credit conditions.
In a statement, OFHEO confirmed that the conforming loan limit for 2008 on single-family mortgages will remain at $417,000 for one-unit properties.
“While the house price survey data used in determining the conforming loan limit shows a decline over the past year, as previously announced and consistent with the proposed new conforming loan limit guidance, the level will remain at $417,000 for the third straight year,” said James Lockhart, director of OFHEO.