New Conforming Limits Announced For CA
The Orange County Register is reporting that HUD has announced the median area home prices that will be used to calculate the new conforming loan limits. Orange County will see a full increase to the max limit of $729,750. LA County and most of the Bay Area will also be maxed to $729,750. See the article for a full list of California Counties and the new limits.
I have not been able to locate a link with nationwide values. I will follow up with an email as soon as I locate the data from HUD.
WHAT DOES THIS MEAN?
The announcement means there is only one step left before we can begin funding loans at these limits. Fannie Mae and Freddie Mac need to retool their computer systems and establish the guidelines for these new loans. HUD was able to complete the median price calculations in 21 days. I would expect it will take 2-3 weeks for the systems to be in place for closing these loans.
If you have been waiting to take advantage of the new limits, especially if you have a adjustable rate mortgage that will face a reset in the near future, give me a call today and we can start putting your package together. By the time, Fannie and Freddie are ready, we can have your loan ready for submission so you can be one of the first to take advantage of the increases.