In this game of a mortgage industry we seem to be playing, a change in "da rules" was announced today by the Federal Housing Finance Agency. Jackson County Oregon is deemed to be a "high cost area", and so has had the loan limit raised back to what it was just last year...$422,500. Translated in to laymen's terms? You may be a "saleable loan" to Fannie Mae and Freddie Mac, paying Agency High Balance pricing versus Non-Conforming pricing if your home loan in Southern Oregon/Jackson County is between $417,001 and $422,500 on your single family residence. Below $417,000, you have a "conforming loan limit". Above $422,500, you are "Jumbo" or "Non-Conforming" on your loan limit.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
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