nyc BLOG estate

nyc BLOG estate

Congress Extends $729,750 Mortgage Limit

Congress has extended the policy allowing homeowners in Manhattan and other expensive real estate markets to secure government backed mortgages up to $729,750.
Congress voted to keep the maximum size of loans guaranteed by Fannie Mae and Freddie Mac and the Federal Housing Administration at the current level through the end of 2011.

Without the extension, the loan limits would have been reduced to $625,000. The limit prior to 2008 was $417,000. $417,000 is the limit level in most of the U.S.

The average sale price in Manhattan is $1,523,085 (August 2010)

The median sale price in Manhattan is $1,172,500 (August 2010)

1 comment:

  1. I read your post related to the mortgage rates, it is a nice one. Thanks for sharing this news.


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