Fannie Mae’s current temporary limits for high-balance loan amounts are set to expire on September 30th. On October 1st of this year, they will revert back to the permanent high-balance limits. The limits are dependent on the county you live in, but for many counties in California, they are:
- Temporary limit until 9/30/11: $729,750
- Permanent loan limit after 9/30/11: $625,500
High balance loan rates are much better than Jumbo, and lending guidelines also more lenient. If you are considering refinancing or purchasing, and your loan amount is between $625,501 and $729,750, you would benefit from taking advantage of the temporary limits between now and October.
The conforming loan limit of $417,000 is nationwide and will not change.
