Mortgage Blog

Loan Limits change after Oct 1st

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 loan
limits changes for those areas other than the high
costing area.

Basically, there is another change, the loan limit will
be 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 this
for high-balance loans, and we can not close before Sep
30th, we might have to re-work/re-lock on this loan.

Posted in:General
Posted by Eric Fang on September 16th, 2011 10:38 PM



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