Well after a quick meeting with everyone on this, I am pleased to announce to a bigger audience that for the fist time in over a decade that FNMA & FHLMC (the quaasi government agencies that handle all conventional loans) have made an increase to the conforming loan limit of 417k!
Now before everyone tries to correct me in my err here, remember the stimulus that allowed for expansion to high cost areas back in 09 (I believe) was increasing conventional loans to some areas up to 729k and these later were reduced down to a max of 625k, these loans carried the stigma (or pricing surcharge) for being over the traditional 417k limit.
These new limits now reflect the traditional pricing structure of a conventional loan without any SUPER conforming price surcharge.
To see this limit get a MUCH needed increase, shows a true sign that recovery is more than a word, but underway, and the confidence and appreciation so many homeowners have regained is now more than likely sustainable.
Does this mean rates start to move upward?
Thats pretty much a given, the question will be how much and how soon, so you better act NOW while they are still at historic low levels!
To see the new 2015 FNMA & FHLMC loan limits click HERE.
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