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.
If you are considering buying or selling a home and want some great information, please visit my website www.AdrienneFrancis.com or call me at 201 259-4449. You can also visit my other blog at www.BaskingRidge-NJ-HomesforSale.com and my Facebook page AdrienneFrancis.com