Need To Close By September 30, 2011
We are fast approaching the deadline for the current High Balance Conforming (Fannie Mae) and Super Conforming (Freddie Mac) loan limits. Effective October 1, 2011, these temporary limits are dropping in many areas including San Diego County.
Better Apply Now
The current loan limit in San Diego County for single family purchases and refinances is $697,500 for Fannie, Freddie, and FHA loans. However, it is dropping to $546,250. In Los Angeles, Marin, and Orange Counties the current limit of $729,750 is dropping to $625,500.
This information is not new. However, different lenders have set different cut-off dates for taking in loans under the current limits. Some have actually already stopped accepting loans that exceed the limits that will go into effect on October 1st.
AmeriFirst Financial is still accepting these loans and will do so until mid-September. However, all loans under the “old” limits must close by September 30, 2011. NO EXCEPTIONS.
So, if you are purchasing or refinacing a home in California and having trouble with your lender because your loan amount will be too high after 9/30, give me call. I can probably help.
Here is an article i wrote last month: Tick Tock, The High Balance Conforming Loan Limits Are Dropping Soon
