As an emergency measure three years ago, Congress raised federally backed loan amounts. Now if Congress does nothing these loan limits will decrease in October of this year. Therefore, lenders will stop taking applications for these amount as early as well NOW!
In anticipation of the expiration of current loan limits on Sept. 30, 2011, Bank of America has decided to stop accepting conventional and government applications for loan amounts that will exceed the permanent loan amounts. The deadline to submit loan applications was July 1.
According to an email from Bank of America, conventional loans that exceed the permanent loan limits will now be required to use non-conforming programs.
The FHA loan limits will change as such;
Orange and Los Angeles County has a current loan limit of $729,750. This will DECREASE by $104,250 to a limit of $625,500.
Riverside and San Bernadino County has a current loan limit of $500,000. This will DECREASE by $144,650 to a limit of $355,350.
Did you know Bank of America Home LoansÂ® has a new loan program for Doctors?
The Bank of America Doctor Loan is for residents and licensed, practicing doctors, including dentists and other eligible medical professionals. This home loan offers significant advantages for these buyers, including:
- As little as 5% down on mortgages up to $850,000 (some limitations apply)
- Employment start date up to 60 days after closing allowed
- Student loan debt not included in total debt calculation
- Financing for attached or detached single-family residences, PUDs and condos
Want more information on this loan or other programs available? Just contact me today.
The Ervin Group, Inc.
Prudential California Realty
Helping you build your dreams!