For the first time ever, the Office of Federal Housing Enterprise Oversight has used its regulatory authority to set the so-called conforming loan limit used by Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. Significantly, OFHEO announced this week a new single-family loan limit of $359,650 for 2005, which is 7.78 percent higher than the current ceiling of $333,700. However, the new limit would have risen to $362,150 or 8.53…