New Loan Limits on the Horizon

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Fannie Mae is set to lower the high-cost loan limit on conventional loans. Changes will go into effect in October.

For loans originated on or before September 30, 2011, the “temporary” high-cost area loan limits will apply and will be the same as the 2010 high-cost area loan limits, up to a maximum of $729,750 for a 1-unit property in the continental U.S. Loans originated on or after October 1, 2011, will use the “permanent” high-cost area loan limits established by FHFA under a formula of 115% of the 2010 median home price, up to a maximum of $625,500 for a 1-unit property in the continental U.S.

For more information, see this FAQ page from Fannie Mae: https://www.efanniemae.com/sf/refmaterials/loanlimits/pdf/loanlimitsexpiration.pdf

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