Conforming Loan Limits Drop in October - 06/30/11 07:27 PM
Conforming Loan Limits Drop in October June 23rd, 2011, 3:00 pm · If conforming loan limits drop in October, more than 30,000 families in California will have to deal with higher down payments and mortgage rates and tougher loan qualification rules, the California Association of Realtors said today.
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Unless Congress steps in, the limit will drop to $625,500 from $729,950 for most places on Oct. 1. The limit establishes the maximum mortgage amount the Federal Housing Administration, Fannie Mae and Freddie Mac can buy or guarantee.
In Orange County, where the conforming loan maximum is $729,750, 13.3% of home sales would be ineligible under … (1 comments)