By Dustin R Burke, Adonai Financial
The buzz is all about the new FNMA loan limits. Yes, the new limits will be $729,750, but is not a carte blanche solution for all markets – not everyone will benefit. To find out what the changes mean to you check out FNMA New Loan Limits – What does it mean.
SunTrust Bank put out a statement today detailing who will benefit from the recent announcement.
Who will see an increase in limits?
The new FNMA loan limits are restricted to 125% of the area’s median home prices. SunTrust estimates that only 20 of the larger MSA counties will see an increase in loan limits and only six will see the limits reach the maximum of $729,750 -- of those six counties five are in California and one in Hawaii.
If is also estimated that 15% of all non-conforming loan will be affected.
What do you think about the new conforming loan guidelines? Do you think it will help? Send me an email to dustin.burke@adonaifinancial.com.
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Copyright © 2008 Dustin R Burke
Portions Copyright © 2008 Adonai Financial Corporation
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