Wow…Reason To Buy Now!
Clay | October 22, 2008Interest rates on jumbos…did you know about the changes to the High Balance Conforming Limit???:
Attached are copies of the slides from Wells Fargo. Here is some information buyers should be aware of, and great details for sellers (they need to be aware of how this impacts the potential buyers considering to buy their home).
Here are the points:
- The Current High Balance Conforming Limit Expires December 31st, 2008
Loans Must be Funded and Recorded by/on December 31st, 2008
The Santa Clara County High Balance Conforming Loan Limit is currently $729,750
After December 31st, the Conforming Limit will be 150% of the Standard Conforming Loan Limit with a maximum limit of $625,500
The 60 day lock on the High Balance Conforming Limit – must lock by October 31, 2008
The 30 day lock on the High Balance Conforming Limit – must lock by December 1, 2008
Some Lenders are requiring these High Balance Conforming Limits be closed earlier than the December 31st date
Private Mortgage Advisors will fund and record loans up to December 31st, 2008
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