Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Jumbo & Conforming Loans Amount Limits
 
When is a jumbo loan a jumbo loan? Well, today a jumbo loan in most parts of the country is any loan amount above the new conforming loan limit of $424,100. This new conforming limit took effect January 1 of this year. Just this past December, the conforming loan limit was $417,000. This increase was the first such increase in the conforming loan limit, and thus the new minimum jumbo amount of $424,200. There is also another class of conforming loans, those underwritten to Fannie Mae and Freddie Mac guidelines, called “High-Cost” loans which increases the conforming loan in areas deemed so because the median home loan value in these areas are much higher compared to the rest of the country. Most of these loan limits increased from $625,500 to $635,150 for single-family dwellings in select locations of Florida, California, DC, and other high-cost areas.
Okay, so if the jumbo loan limit is anything greater than the conforming loan amount, what moves the conforming loan limit? There actually is a method used and defined in the original Homeowner Equity Recovery Act of 2008, or HERA. HERA requires the Federal Housing Finance Agency, or FHFA- sorry for all the acronyms but we ... more

__________________________________________________
Are you on The Rain? Grow Your Network!