Financing in 94087>Question Details

She, Home Buyer in Sunnyvale, CA

what is the current Conforming Loan Limit for home in 94087 ?

Asked by She, Sunnyvale, CA Thu Feb 19, 2009

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625,500

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Martin Smith

Precision Funding
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0 votes Thank Flag Link Mon Feb 23, 2009
Hello; The current conforming loan limit for a home in 94087 is $625,500. Homes in this area are selling for much more than this so you will need a 150k-200k down payment to move into this area. Or be selling a home to trade up into this area.
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David Rivas
0 votes Thank Flag Link Sun Feb 22, 2009
She
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.
0 votes Thank Flag Link Thu Feb 19, 2009
Hi She,

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-…

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Hope this helps, regards,
Nina Daruwalla
0 votes Thank Flag Link Thu Feb 19, 2009
The current "conforming" limit is $417,000. However, the Agency Jumbo, currently at $625,500 will be changed to $729,750 shortly. Already approved with the new Stimulus Plan, the limit should be raised back to 2008 limits as soon as Fannie/Freddie and FHA approve the limits with any changes to current guidelines/restrictions. Expect that to be reflected in March/April 2009 - and possibly only good until November of this year.
0 votes Thank Flag Link Thu Feb 19, 2009
She,

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
Web Reference: http://www.amguardian.com/
0 votes Thank Flag Link Thu Feb 19, 2009
The jumbo conforming limit is currently $625,500, but will revert back to $729,750 soon.
0 votes Thank Flag Link Thu Feb 19, 2009
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