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Bank of America to stop accepting loan apps for amounts over new limitis…

July 7, 2011

I’ve been posting for awhile that loan limits will be going down the end of September.  Here is a news flash regarding this and want you to realize that if one bank is doing it, others will follow.

C.A.R. News Flash

Lenders prepare for lower loan limits; stop accepting certain applications In anticipation of the expiration of current loan limits on Sept. 30, 2011, Bank of America has decided to stop accepting conventional and government applications for loan amounts that will exceed the permanent loan amounts. The deadline to submit loan applications was July 1. According to an email from Bank of America, conventional loans that exceed the permanent loan limits will now be required to use non-conforming programs. Barring Congressional action, the maximum FHA, Fannie Mae, and Freddie Mac conforming loan limit will decline to $625,500 beginning Oct. 1, 2011, from the current $729,750 limit, though the majority of counties will fall far below the $625,500 maximum. The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae, and Freddie Mac government-sponsored enterprises (GSEs) can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.

If you would like further information on this, please call me and we can discuss this with a lender if you do not currently have one.  C.A.R. will continue to provide information as it becomes available. * * * * * * * * * * * * * * * * * * * * * * * * * * * *

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2 Comments leave one →
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