Conforming Loan Deadlines Quickly Approaching
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as “jumbo” and carry a higher interest rate.
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to $729,750. Alaska, Guam and the U.S. Virgin Islands have a higher high-cost conforming loan limit of $938,250.
Please encourage your customers to submit or finalize their application on or before the application completed deadline listed above. Have them call me today to get started, or click the Visit My Website link on this to apply online. Doing so could save them thousands of dollars over the life of their home loan!