When Congress passed the Economic Stimulus Act of 2008, they authorized significant conforming loan limit increases in “high-cost” areas around the country. This change really didn’t impact Florida counties all that much. However, there are some reductions to note:
Effective January 1, however, those limits rolled back. Conforming mortgages in the 59 designated high-cost regions are now capped at $625,500.
Previous to January 1, 2009, loan limits for single family homes in the following “High Cost” Florida areas were as follows:
| Metro Area |
2008 Conforming Limit | 2009 Conforming Limit |
| Miami, Florida Area | $423,750 | $417,000 * |
| Sarasota, Florida Area | $442,500 | $417,000 * |
| Naples, Florida Area | $531,250 | $448,500 |
| Key West, Florida Area |
$729,750 |
$529,000 |
| * No longer listed as high cost area | ||
Aside from Collier and Monroe Counties, all other Florida counties are now listed as non-high-cost areas. The 2009 conforming loan limits remain unchanged from 2008.
- 1-unit properties : $417,000
- 2-unit properties : $533,850
- 3-unit properties : $645,300
- 4-unit properties : $801,950
IF you live in either Collier or Monroe Counties consider Super Conforming Loans as a way to extend your buying power. These loans used to be known as “Jumbo” or “Super Jumbo” loans. Lending amounts for these areas would be 115% of the “area median house price,” not to exceed $625,500.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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It will be quite interesting to see how this year yields on home prices.
Hey Susan! Thanks for stopping by. I agree, this year will be interesting. I’m looking for some good things to come our way here in Florida.