9March2008

What’s Up With the New Conforming Loan Limits?

Posted by staceysloan under: Housing and Economy; Buying a Home.

There are more questions than there are answers at this point.  We, the industry, know they are coming.  We know the limits will be 125% of the median price home, so the limits will vary from county to county.  We know FICO score requirements have already ticked up for FNMA.  What we don’t know is exactly when the new limits will begin and how tight requirements may go.  We don’t know if it is purchase only or if it will include rate and term refinances.  Cash out refinances are probably off the table.  Stay tuned to this newsletter for more information as it becomes available.