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Now $625,500 will go to $729,950 shortly.
The problem is the lenders still will have 3 levels of pricing:
conforming - below $417,000 - best rates
jumbo conforming - $417,000 to $729,950 - slightly higher
jumbo - above $729,950 - much higher
Hope that helps.
Currently the conforming loan limit is $625,500; expected to once more be increased to $729,950 soon. See under:
The $729,750 limit expired on Jan. 1 2009, and Fannie, Freddie and FHA are currently permitted to guarantee loans of up to 115 percent of the median home price in high-cost markets, with a cap of $625,500 (that's 150 percent of the $417,000 conforming loan limit). HR 1 will restore the limit to 125 percent of median home price in high cost markets, up to $729,750, for the remainder of 2009.
FHA began 2008 with a $200,160 "floor" loan limit in normal markets and a maximum loan limit of $362,790 in high-cost markets. As part of the Economic Stimulus Act, Congress increased FHA's floor limit to $271,050 in normal markets and the upper limit in high cost areas to $729,750. That move helped increase the Federal Housing Administration's share of purchase mortgage originations from less than 4 percent in 2006 to 21 percent in September.
Complete story: http://www.inman.com/news/2009/02/13/stimulus-bill-restores-
IF YOU NEED A GOOD LENDER please contact me, 408-7773823, and I can put you in touch with one.
Hope this helps, regards,
Here is the breakdown of the Loan Limits for Santa Clara County.
Traditional Conforming Loan Limit is $417,000
and the 2009 Stimiulate Page as follows:
1 Unit = $625,500
2 Units = $800,775
3 Units = $967,950
4 Units = $1,202,925