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Possible Loan Limit Reductions
There has been chatter that Fannie and Freddie will be required to reduce their maximum loan amount in the near future and this is the latest.
The FHFA announced that Fannie/Freddie loan limits will NOT be reduced for at least six months and any such reduction will occur after a six-month prior notice. Good - one less thing to worry about.
This is important information for both buyers and sellers. The current conforming loan limit for a single family home is 417,000.00 the jumbo/super conforming loan limit is 625,500.00. There has been no indication how much the limits will be reduced. But when these reduction come it will make it much more difficult to obtain financing for higher priced homes which in my opinion will have greater affect on sellers that buyers.
ABR, CRS, E-Pro, RSPS, SFR, SRES Jim is a “Jersey boy” originally from north Jersey in the Totowa, Little Falls area. He made the move to Stafford about 30 years ago, after finding the perfect....
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