The maximum mortgage amount is going down shortly. Some banks have already imposed the new lower limit which is $625,000. As I understand it the higher loan limits at some other lenders remains at the higher level for the moment but they are all looking at moving the loan limits on loans that close after 9/30/2011.
if you get in there now you have time to get your loan closed within that time period.
All this could change if HUD holds the higher loan limits with an act of congress... lol
Has anyone heard anything more on this? HUD training coming up on 7/23/2011 for those who may want to sit in on it. It could be enlightening.
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