These loan increases will go into effect April 1, 2008 for 15-30 year fixed mortgages. The criteria for adjustable rate mortgages will not be available until May 1, 2008. To give an idea of the magnintude of the increase; previously, the loan limit on a single family conforming loan was $417,000.00. Please note that this is not to be confused with the new FHA limits stated in another post.
Fannie Mae was created in 1938, under President Franklin D. Roosevelt, at a time when millions of families could not become homeowners, or risked losing their homes, for lack of a consistent supply of mortgage funds across America.
The government established Fannie Mae in order to expand the flow of mortgage funds in all communities, at all times, under all economic conditions, and to help lower the costs to buy a home.
In 1968, Fannie Mae was rechartered by Congress as a shareholder-owned company, funded solely with private capital raised from investors on Wall Street and around the world.
