Financing in San Ramon>Question Details

Steve, Home Buyer in San Ramon, CA

What is th limit of Jumbo Conforming loan in WIndemere San Ramon for 2011? 729k or 625k ?

Asked by Steve, San Ramon, CA Mon Feb 14, 2011

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Joanna Jensen’s answer
Hi Steve,

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.

good Luck

JoAnna Jensen
Legal Assistant
Realtor
Legal Realty / Volo Law
JoAnna@vololaw.com


925 699 5041


Chris Jensen
Senior Mortgage Loan Officer

Bank of Commerce

925 872 2626
0 votes Thank Flag Link Fri Feb 25, 2011
$729,950 for FHA which allows a smaller down payment of 3.5% with a 580 or higher score.
0 votes Thank Flag Link Sun Jul 28, 2013
Steve,

Here is a helpful and short video I created to address this very topic of conforming and jumbo conforming loan limits.

Best of luck,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue Feb 15, 2011
As John mentioned the $729,750 limit is due to expire in September. The last couple years the GSes have extended it. Do not count on that happening this year. They will probably extend the $625,500 for another year.

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
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Mon Feb 14, 2011
They are the same as 2010. Shawn was right, we're still at $729k for sfr
0 votes Thank Flag Link Mon Feb 14, 2011
Steve,

If its a single family home its $729,750. However, for a duplex etc. there are higher loan limits.

Best,
Shawn
Web Reference: http://www.bma-loans.com
0 votes Thank Flag Link Mon Feb 14, 2011
As part of the recently released report suggesting ways to reform FannieMae and FreddieMac, there is a suggestion that the maximum limit for loans that will be backed by the GSEs (Government Sponsored Enterprise) be reduced to $625,000 in high cost areas such as the San Francisco Bay Area, including San Ramon. That and other proposals for reforming the GSEs will be thrashed out by Congress and the Administration for months or years to come before they are finalized.

At this time the limit for jumbo conforming loans remains $729,000 in this area.
0 votes Thank Flag Link Mon Feb 14, 2011
You can also confirm loan limits at this site: http://www.fhfa.gov/Default.aspx?Page=185
0 votes Thank Flag Link Mon Feb 14, 2011
Steve: Contra Costa County is $729,750

You can check this for any County area here: https://entp.hud.gov/idapp/html/hicostlook.cfm

Best, Steve
0 votes Thank Flag Link Mon Feb 14, 2011
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