Economic Update – June 6, 2011 – Cont’d

On a different note:

After September 30, 2011 deadline, high-balance loans (with a maximum balance of $729,750) will once again be classified as "jumbo" and carry a higher interest rate.

“The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to $729,750. Alaska, Guam and the U.S. Virgin Islands have a higher high-cost conforming loan limit of $938,250.

With historically low interest rates, a large available inventory and home affordability at its best level in 40 years, NOW is the time to buy! For customers in high-cost areas of the country, a further advantage is higher conforming loan limits that avoid a higher interest jumbo loan. Deadline for closing loans under the $729,750 maximum balance is September 30, 2011

 

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About sfpeninsulaestates
Raleigh Real Estate - We Serve Clients, not just Locations www.sfpeninsulaestates.com John and Svetlana (Lana) Raleigh: the Raleigh Real Estate Team

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