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Fannie Mae Announces Higher 2004 Conforming Loan Limit of $333,700
Effective January 1st, 2004, Fannie Mae has just announced the following changes to their maximum loan limits:
1-Unit $333,700
2-Unit $427,150
3-Unit $516,300
4-Unit $641,650
In a statement just released, "Interest rates are significantly lower on conforming mortgages than on jumbo mortgages," said Fannie Mae Chairman and Chief Executive Officer Franklin D. Raines. "By obtaining a mortgage that Fannie Mae is eligible to buy, in 2004, as many as 95,000 home buyers could save up to $21,900 over the life of a 30-year mortgage."
New Conforming Loan Limit: $333,700
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