My relocation officer at Premia says monday, April 27, 2009. WOOHOOOO!!

A WaMu (now Chase) loan officer says if will be May 1st.

Dear DebinCA,

In 2008, legislation was passed that temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the continental United States. That legislation, the Economic Stimulus Act of 2008 (ESA), applied to loans originated between July 1, 2007 and December 31, 2008.

Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009. Under that legislation, loan limits for 2009-originated loans are set at the higher of the 2008 limits and those that were originally announced for 2009 under the terms of the Housing and Economic Recovery Act of 2008.

Here is a link where you can see these limits:
http://www.ofheo.gov/media/cll/FullCountyLoanLimitList2009_A…

If you have further questions or would like to speak to someone regarding FHA Loans, please contact my dedicated representative at American Guardian Home Loans. We, at Crestico Realty, have an established relationship with this Lender and have a dedicated representative who treats our referrals with the utmost of care.

You may contact his as follows:
Mr. Houtan Hormozian
American Guardian Home Loans
hhormozian@amguardian.com
(949)242-5215 (Tel.)

Any updates as to when these new limits will be available, to the consumer?

Any updates on this? I am hearing that brokers are expecting the guidance to come in before the end of the month, but that is coming up quickly.

Conforming jumbos are NOW available. Call your mortgage broker. With the sudden decrease in rates yesterday, we were quoted 5.7 to 5.8 for a loan between 417k and 729k. No one knows where this rate is going to go from here. A friend re-financed at 5.5, with no points.

Hi Debin,

I'm a mortgage broker and Wells Fargo e-mailed me and adviced that they will be inderwritting loans with new limits on March 17th. Indymac from March 10th with FHA beginning early April. Loan guidelines are more strict than before. Please make sure you get pre-approved before sumiting an offer. Please feel free to call me if any questions.

I heard a new update on that and it should be the first week in April. cameron.fedderman@era.com

Hi Debin CA,

I think the best person to ask would be your lender. I have heard several different timelines, and it probably will differ depending on how quickly that particular lender can reprogram their software etc to take the new limits into account. I have heard anywhere from 3-6 weeks. If you can't take advantage of it now, make sure that you don't have a prepayment penalty and you can refinance in a few months...again a question for your lender.

Good luck and congratulations!

Jodie

My understanding is that it will still take a while for the jumbo conforming loans to be available to the consumer because the government still needs to work out details - time frame is not knowable for certain. If you can, call as many brokers/banks as possible because some are offering quasi-conforming deals with certain parameters in anticipation of the jumbo comforming category but these deals are not common. If your property is in west LA I believe the loan will also fall into a "declining market" category and therefore require a lower loan to value ratio (which means a higher downpayment). I'm sure it will all sort itself out eventually but even if you get an extension on the escrow there is certainly no guarantee that a better rate will come around. For the best rate info, check bankrate.com and check it often because there is a lot of rate volatility at this exact moment in time. And please, please shop for the best deal if you can - from my limited experience I know there is a lot of disparity out there right now in terms of what lenders are doing.

Although the conforming loan limit has been raised, it's limited to areas considered "high cost." Even if the area you're purchasing in is deemed to be one of the approved counties, it is estimated that the loans will not be available to the public until July. Although Fannie and Freddie have to have their ducks in a row by mid March, Citibank, the nation's largest lender will not have their criteria established and availble until July.

FHA loan limits changed yesterday, I believe conforming will change on the 15th.

I guess i am also in the same boat. The efannie website says after april for fixed and may for ARM. My lender was not able to confirm. My escrow also closes end of march. Is there any point to wait. My area does qualify for the higher limits. Thanks

De-

According to the information I have read, they will authorize lenders to underwrite loans as of April 1st, (applications in process as of March 1st, 2008) but they won't start buying loans until ?July, 2008?.
Check out Fannie Mae's web site for more information.

https://www.efanniemae.com/sf/mortgageproducts/index.jsp

I believe the effective day is March 10. Your lender should be able to confirm that.
Julia Huntsman, Broker Associate
http://www.juliahuntsman.com

Dear DebinCA...t
he new conforming loan limits are technically active now and are actually retroactive back to July of 2007. However, are you certain that the home you are in escrow for will actually qualify for the raised limit? New limtis are valid for certian "high cost" areas where the average is above the previous 417 and the max would be 125% over the median home price in that area. I have attached an article that may help...
Good Luck to you.
LA Real Estate Group
info@MyLARealEstateGroup.com http://www.MyLARealEstateGroup.com

Here is a link to an article that goes into detail complete with examples:

http://www.mortgagenewsdaily.com/2132008...