NEW HIGHER CONFORMING LOAN LIMITS COMING ON MONDAY!!
The following information is from Thoroughbred Mortgage, Houlihan Lawrences’ joint Venture with Wells Fargo. This is great news especially in Westchester with prices being comparatively higher than in other parts of the country.
There still will be a surcharge for the higher loan limit, and we do not yet know what that will be, however since it will be conforming it will likely be a bit less than before. Bottom Line: If you have good credit, your financing costs just dropped!
Effective Monday, April 27th, conforming high balance loan limits in Westchester County will be $729,750. This is temporary and these limits will expire on June 10, 2010. That means that the loan has to close by that date. This is great news for our customers because it now means that a person can buy up to $900,000 and put 20% down and have a conventional high balance mortgage. Credit scores must be over 720. Please note: a high balance conforming mortgage is typically 3/8 higher than a conventional mortgage of $417,000 and below. Since the guidelines are not out until Monday I really can not speak to pricing yet.
