Despite efforts by California Association of REALTORS and National Association of REALTORS to fight for an extension of Fannie Mae, Freddie Mac, and FHA conforming loan limits, Congress failed to extend the $729,750 loan limits and allowed them to expire Sept. 30.
This means the maximum loan amount that Fannie, Freddie, and FHA will buy or guarantee is $625,500, and anything above that amount will be non-conforming and will require a jumbo loan. These loans typically carry a higher mortgage interest rate and require a higher down payment, increasing the monthly payment, which will particularly be hard on middle-class buyers and sellers.
Check out the attached link on changes in the loan limits for your area.
If you like more information about real estate in Cayucos, Cambria, Morro Bay, Los Osos, San Luis Obispo, and surrounding areas, the housing market, or assist you, friends or family in a home search or sale, please phone or text me at (805) 234-4315 or email me at Sherry@SherrySim.com or visit www.SherrySim.com.
Serving Cayucos, Cambria, Morro Bay, Los Osos, San Luis Obispo, Pismo Beach, Avila Beach, Shell Beach, Arroyo Grande, Atascadero & rest of San Luis Obispo County.
Information provided as a courtesy and deemed accurate at time of posting but not guaranteed.
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