Just in case you missed it, the OFHEO (Office of Federal Housing Enterprise Oversight) did their thing late yesterday, bumping up the conforming limits for Fannie and Freddie.
Here’s their Press Release, but what you really want is to know what rise your area is going to have. That’s available HERE
My area, the San Francisco Bay Area, will be seeing the maximum bump. We’re up to $729,750. Nearby Sacramento will only see $580,000.
Nothing in life is free. Especially a Jumbo Conforming Loan.
Fannie announced that you’ll be paying more for your mortgage depending on your LTV, Credit Score, etc. It’s available HERE
Of note, be careful to note that the pricing grid REPLACES the previous published grid and this is not applicable to EA findings, My Community loans and others.
If you are like me, you’ll probably want to see more of a matrix on what a Jumbo Conforming Loan might look like. It’s available HERE
Don’t worry kids, we’re almost there!
It won’t help those in South Florida much, if at all. We only bumped up to $423,750, except there is possibly help in Collier and especially Monroe County, where limits have jumped to $531,250 and $729,750 respectively. There is also some semblance of help to those in Sarasota and Manatee counties where the new limit is $442,500.
IMHO, the slight increase in Broward, Palm Beach, and Miami-Dade counties is too little for the area and will do little, if anything, to assist homeowners.