Loan Limit Decrease Already Taking Effect
November 12, 2008This post is to anyone out there who was counting on the $729,750 loan limit lasting until December 31, 2008. While it’s true that the official cut-off date is the end of the year, many lenders are already making the transition to the new $625,500 limit now. They are requiring folks to go ahead and lock in. How do you lock in? The short answer is: you have to be in contract on a place. If you are one of the people that could be affected by this, you may want to call your lender as soon as possible to see if you’re going to be able to squeeze under the $729,750 cap before it expires. We’ve heard some lenders are sunsetting $729,750 as early as this Friday, and most by next Friday! Ouch baby, very ouch.
Bye bye $729,750... till next time!
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