new loan regulations: New Loan Limits for Conventional and FHA Loans - 07/26/11 06:02 AM
The current loan limits for conventional and FHA loans is being reduced effective October 1st, 2011.
 
The new loan limit will be $625,500. Loans closing after September 30th must be at or below the new loan limit and there will be no exceptions per the federal government regulations. It then will become a jumbo loan.
 
The last day to submit a loan over $625,500 and under $729,750 will be September 1, 2011. And of course the mortgage companies are in general making it more and more difficult for all consumers.
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