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Old 03-12-2008, 05:55 PM
 
17 posts, read 71,124 times
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I read the conforming loan limits went up by 125% of the median home price for your county. Our home is for sale in Crofton, MD, it is located in Anne Arundel County the conforming loan limit for Anne Arundel County is now $560k. This seems too good to be true? When does this take effect?
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Old 03-13-2008, 06:19 AM
 
103 posts, read 537,741 times
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I *think* it's in effect now (action taken a week or two ago by OFHEO), set to expire at the end of this year (but likely to be renewed).
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Old 03-13-2008, 09:58 AM
 
74 posts, read 421,519 times
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It's in effect right now, from what I understand. But they've been in effect less than a week, so I don't know that we've really seen the full effects on rates yet.

If anyone wants to see what the new jumbo limits are for their county in MD, you can click here: Find the single-family home loan limit for your county (Page 5 of 9)

Calvert, Frederick, Montogmery, and PG all now have the maximum new conforming loan limit allowable under the stimulus act: $729,750.
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Old 03-13-2008, 06:12 PM
 
460 posts, read 1,876,476 times
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Alert for any wanting to use the VA program - the new 125% applies only to Freddic mac, fannie mae, and FHA. The idiots in government, 1/2 of whom have military experience and considering we are currently at war didn't make sure the VA program got included.

how messed up (for lack of the more specific epithet I want to use here) is that
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Old 03-13-2008, 09:59 PM
 
847 posts, read 3,352,726 times
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The higher loan limit is only good for the rest of this year too. So by the time fannie, freddie and FHA get it together to start funding these new bigger loans, they have to stop. So I don't think it's really going to make much of a difference one way or another.
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Old 03-14-2008, 08:33 AM
 
250 posts, read 1,377,492 times
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Quote:
Originally Posted by vanyali View Post
The higher loan limit is only good for the rest of this year too. So by the time fannie, freddie and FHA get it together to start funding these new bigger loans, they have to stop. So I don't think it's really going to make much of a difference one way or another.
You're right, the timeline is very restrictive, however, I've already gotten an approval from freddie for one of my clients and we're getting ready to close soon due to the FHA jump. The big question is: will they extend the timeline past the end of the year? and if they don't what's the real point of trying to create this relief when it's another limited-scope stimulus package designed to make high risk loans look appealing to investors and day traders?
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Old 03-14-2008, 09:49 AM
 
847 posts, read 3,352,726 times
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Yep. I'm glad to hear that people are already able to take advantage of the new (temporary) loan limits, at least in some cases.
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