Higher Loan Limits Set To Expire 12-31-09
Posted October 13th, 2009 in Mortgage Loan InsightsThe current "temporary" higher loan limits for all California counties are due to expire at the end of the year. This applies to both FHA and conventional loans. As in 2008, I would expect many lenders to stop accepting submissions for these larger loans in late November/early December. At this time there is no current bill in Congress that would extend the current county loan limits for High Cost Areas another year.
Unlike 2008, we have new "permanent" loan limits to fall back on. For the Los Angeles area, the new limit will be $625,500. Limits on other counties will vary.
If you're procrastinating purchasing a home in the upper tiers of today's current "expanded" loan limits in any high cost area of CA, you have until the end of this year to act.
It's still a great time to finance jumbo loans — rates are very low for well-qualified borrowers.
