Conforming Loan Limits Increased
Just in from CAR (California Association of Realtors)
The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon.
The Fed’s economic stimulus package approved earlier this year called for temporary increases on conforming and FHA loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high-cost areas, particularly in California where home prices remain among the highest in the nation.
The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon.
Los Angeles New Conforming Loan Limits
SFR $ 729,750
2 Units $ 934,200
3 Units $ 1,129,250
4 Units $ 1,403,400
The Fed’s economic stimulus package approved earlier this year called for temporary increases on conforming and FHA loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high-cost areas, particularly in California where home prices remain among the highest in the nation.
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10/16/2008 2:56 PM
Los Angeles Real Estate Blog wrote:
Remember my May entry regarding the Freddie and Fannie increased limits on California conforming loans? Under the current legislation they will be reducing the conforming loan limits from $729,750 to $625,000 by January 1, 2009. After this scheduled change, interest rates will be higher for loans over $625,000, if this impacts your situation, you may want to take advantage before the January 1st deadline. Interest rates continue to be favorable; plenty of home buyers are qualifying for loans. Potential home buyers with good credit, verifiable income and down payments as low as 3% are obtaining loans. ... -
10/17/2008 9:35 AM
Los Angeles Real Estate Blog wrote:
Remember my May entry regarding the Freddie and Fannie increased limits on California conforming loans? Under the current legislation they will be reducing the conforming loan limits from $729,750 to $625,500 by January 1, 2009. After this scheduled change, interest rates will be higher for loans over $625,500, if this impacts your situation, you may want to take advantage before the January 1st deadline. This is not good news, and may further slow the market recovery as financing for loan amounts over $625,500 will likely be more expensive. Maybe someone with a brain, will rethink this decrease ... -
10/17/2008 9:38 AM
Los Angeles Real Estate Blog wrote:
Remember my May entry regarding the Freddie and Fannie increased limits on California conforming loans? Under the current legislation the conforming loan limits will be reduced from $729,750 to $625,500 by January 1, 2009. After this scheduled change, interest rates will be higher for loans over $625,500, if this impacts your situation, you may want to take advantage of the existing loan limits before the January 1st deadline. This is not good news, and may further slow the market recovery as financing for loan amounts over $625,500 (jumbo) will likely be more expensive. Maybe someone with a ... -
10/18/2008 8:27 AM
Los Angeles Real Estate Blog wrote:
Remember my May entry regarding the Freddie and Fannie increased limits on California conforming loans? Under the current legislation the conforming loan limits will be reduced from $729,750 to $625,500 by January 1, 2009. After this scheduled change, interest rates will be higher for loans over $625,500, if this impacts your situation, you may want to take advantage of the existing loan limits before the January 1st deadline. This is not good news, and may further slow the market recovery as financing for loan amounts over $625,500 (jumbo) will likely be more expensive. Maybe the powers that ... -
3/20/2009 4:17 PM
Los Angeles Real Estate Blog wrote:
Natalie’s husband, Russell Cerpa is a Mortgage Loan Consultant for Xceed Financial Credit Union (call for eligibility). This is the conforming rate quote I received from him yesterday for a friend's refi:Looking for a home loan? Contact Russell rcerpa@xfcu.org - or his cell phone: (310) 606-0590 ... -
3/20/2009 5:21 PM
Los Angeles Real Estate Blog wrote:
Natalie’s husband, Russell Cerpa is a Mortgage Loan Consultant for Xceed Financial Credit Union (call for eligibility). This is the conforming rate quote I received from him yesterday for a friend's refi:Jumbo Rates: 5.25 and 15 yr. fixed @ 4.875. Both with 0 points. Call Russell (310) 606-0590 for annual percentage rate (APR). Looking for a home loan? Contact Russell rcerpa@xfcu.org ... -
3/21/2009 7:04 AM
Los Angeles Real Estate Blog wrote:
Natalie’s husband, Russell Cerpa is a Mortgage Loan Consultant for Xceed Financial Credit Union (call for eligibility). This is the conforming rate quote I received from him yesterday for a friend's refi:Jumbo Rates: 5.25 and 15 yr. fixed @ 4.875. Both with 0 points. Call Russell (310) 606-0590 for annual percentage rate (APR). Looking for a home loan? Contact Russell rcerpa@xfcu.org ... -
3/21/2009 11:26 AM
Los Angeles Real Estate Blog wrote:
Natalie’s husband, Russell Cerpa is a Mortgage Loan Consultant for Xceed Financial Credit Union (call for eligibility). This is the conforming rate quote I received from him yesterday for a friend's refi:Jumbo Rates: 5.25 and 15 yr. fixed @ 4.875. Both with 0 points. Call Russell (310) 606-0590 for annual percentage rate (APR). Looking for a home loan? Contact Russell rcerpa@xfcu.org ...
Many were waiting on the conforming loans to purchase or refinance and I think we will really see alot of activity then. I also think the raising of limits will offer people more selection of properties that may never have thought to qualify for.
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