September 16th, 2011 10:38 PM by Eric Fang
A lot of people talked about the loan limit drops from $729,750 to $625,500. But nobody talked about the loanlimits changes for those areas other than the highcosting area.
Basically, there is another change, the loan limit willbe lowered from 125% of the median home prices to 115%.But the floor loan limits will be 417k anyway.
That's why I did not have the guts to take a purchase loan with loan amount 450k scheduled to be closed end of Septemeber. If the loan limit drops below thisfor high-balance loans, and we can not close before Sep 30th, we might have to re-work/re-lock on this loan.