Important Reminder: Conforming Loan Limits Will Be Decreasing!Ed Craine
November 17, 2008 — 1,252 views
The increases in conforming loan limits that we saw earlier this year are darn close to reaching their expiration date. Well, technically the loan limits (some as high as $729,750) will be decreasing effective January 1, 2009.
HOWEVER, most banks will not be accepting new loan applications for the higher limits past late November, or early December. There just won't be time to get the loans funded before the limits change again.
So as a reminder, if you're looking to buy, start your pre-approval process now, or else you may run the risk of shortchanging yourself on the limit of a conforming loan you are able to qualify for.
On the other hand, if you're looking to sell, remember that because the loan limits are changing, that may very well decrease the numbers of potential buyers interested in your home. So, make sure to seriously consider reasonable offers that come your way.
If you have any questions about the reduced conforming loan limits in your area, please feel free to email me at [email protected] or call me directly at 415-406-2330.
Ed Craine is the CEO of award winning Smith Craine Finance, one of the oldest independent Mortgage Companies in San Francisco, California. A 25+ year veteran of the real estate financing industry, Ed has originated and negotiated loans in excess of $2 billion, to include both commercial and residential properties. He has simultaneously held such notable positions as Vice President of the California Association of Mortgage Brokers (CAMB), as well as serving as the Public Relations Committee Chairperson of the 5,000 member strong association during 2007, the year in which the mortgage industry received more media attention than in recent history. Ed currently also serves as 1st Regional Vice President of the Certified Commercial Investment Member Institute (CCIM). He will be inducted as Vice President of the Southwest Region of CCIM in September 2008.