Changes in loan limits

by Gary and Lisa Schoeffler on October 1, 2011

in Latest News

Potential homebuyers looking to move into bigger homes could face higher mortgage rates and stricter loan qualification requirements as conforming loan limits are reduced starting today.

Those wanting to finance a mortgage greater than $500,000 will have to make a higher down payment. The maximum Federal Housing Authority, Fannie Mae and Freddie Mac conforming loan limit in Ventura County drops from $729,550 to $598,000.

Conforming loan limits determine the maximum amount that Fannie Mae, Freddie Mac and FHA can buy or guarantee on a property. Nonconforming, or jumbo loans, require a larger down payment and higher monthly payments.

“With interest in general being so low now, housing prices at their lowest and a plethora of houses on the market, it’s still definitely the time to buy,” Peerce said.

Lisa Schoeffler, CRS, ASP
Prudential California Realty
805-766-7373
GaryandLisa.com
A member of HomeServices of America, Inc.
a Berkshire Hathaway affiliate

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Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

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