This news is a few days old, but we’ve been waiting for the Federal Housing Finance Agency (fhfa.gov) to update their county-by-county loan limit spreadsheet. Since they haven’t, we’ll go ahead and post now with an update later. The $729,750 conforming loan limit has been re-established for San Francisco county. If you are a borrower, you’ll now benefit from not having to go “jumbo” on anything below the threshold. This is great news (especially for people who are shopping in the $900K + range). In case you weren’t aware, loans that are considered “jumbo” (which are loan amounts above $729,750) are charged more interest, which can cost the borrower many thousands in the long run.
The $729,750 limit is in effect for “high cost areas”, of which San Francisco County is one. The loan limit was dropped to $625,500 from $729,750 late last year, but has now been reinstated with the Obama Administration’s Economic Stimulus Package.
We’ll link the loan limit spreadsheet for every county in the US as soon as FHFA updates their site.
*To clear any confusion from a post the other day, the limit will be $729,750, not $727,000 as was mentioned in an email from the National Association of Realtors.
To share this post, continue reading –> Read the rest of this entry ?