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Temporary Conforming Loan Limits Expire September 30, 2011

By
Mortgage and Lending with Chris Brown | Certified Mortgage Planners NMLS 303797

 

Conforming Loan Limits lowered in 2011If you live in a high-cost area, keep an eye on your calendar. Effective October 1, 2011, temporary conforming loan limits will be lowered nationwide. Perhaps by as much as 14 percent.

These limits range up to $729,750 currently.

"Temporary loan limits" were enacted as part of the government's 2008 economic stimulus package. At the time, the financial sector was entering its crisis and private mortgage lending had all but disappeared. Financing was scarce for both homeowners and home buyers for whom loan sizes exceeded Fannie Mae and Freddie Mac's national $417,000 limit -- even for....


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Temporary Conforming Loan Limits Expire September 30, 2011

Comments (1)

Daniel H. Fisher
www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC
MCRP - Charlotte Real Estate, NC or SC

In many markets, this is another great reason to buy a home this year.

Jun 09, 2011 02:02 AM