Depending on the type of loan apparently.
$729,950 for FHA which allows a smaller down payment of 3.5%.
$625,000 for 10% down conforming. Depending on your credit score you may be able to get away with no mortgage insurance.
I definately suggest either in interest only loan or fixed. Depending on how long you plan on living in the home.
so many people are in trouble now with the negative amortization loans because those loans are excellent however not intended to be a loan for 10 years. they are intended for a short term loan where you either sell or refi.
Legal Realty / Volo Law
925 699 5041
Senior Mortgage Loan Officer
Bank of Commerce
925 872 2626
Here is a helpful and short video I created to address this very topic of conforming and jumbo conforming loan limits.
Best of luck,
Not long ago we had conforming loan amounts to $417,000 and non-conforming for all dollar amounts over that. Rates on non-conforming loans where around 2% to 4% higher. Now is the time to take action.
Happy funding, Rudi
At this time the limit for jumbo conforming loans remains $729,000 in this area.