New Loan Limits for 2011

With Christmas quickly approaching, thoughts of the New Year aren't far behind.  

Many of you may be planning to seek a new home in 2011.   With rates still below 5 % solidly(just closed a home today at 3.875% on a 30 year note!!!), it isn't a bad thought.

Though not all of you will purchase at the top on a mortgage loan limit, it is important to know what they are.  David Katz, Advance Mortgage, shared the update for 2011 below:
Following are the new mortgage limits for 2011:




                                             2011           2010

VA LOAN                         $417,000    $460,000

FHA LOAN                      $458,850     $458,850

Conventional Conforming $417,000 $417,000

Conventional High Balance $458,850 $458,850

The only change is the reduction in VA 100% financing from $460,000 to $417,000.

The Conventional High Balance (anything above $458,850 becomes a Jumbo loan) is good through September 30, 2011. This date could be extended by Congress.
 
Thanks, David!!
 
Any questions??