High Balance Conforming Loan Limits for 2010…Same As 2009!
Posted by Kevin Kueneke | Visited 699 times, 2 so far today | Leave A Comment »
Great news for San Diego real estate buyers! Fannie Mae (FNMA) announced that they are keeping 2009’s High Balance Conforming loan limits for 2010. Freddie Mac (FHLMC) made a similar announcement.
As we all know, the regular conforming loan limit in San Diego County is $417,000. Loan amounts up to this number have the lowest rates. Loan amounts from $417,001 to $697,500 in San Diego are considered high balance conforming loans (up to $729,750 in Los Angeles and Orange Counties). Other frequently used terms for these loans are Agency Jumbo and Conforming Jumbo. 
Since these loans can be purchased by FNMA and FHLMC, investors are willing to offer reasonably low rates for these amounts – typically 0.25% to 0.375% higher than regular conforming. This is far better than the true “jumbo” rates you see advertised for larger loans.
The Federal Housing Administration (FHA) also announced that they will continue to insure higher loan amounts under the FHA Jumbo program (up to a base loan amount of $697,500 in San Diego County).
These announcements will continue to benefit the “move up” buyer as money remains affordable even in the higher range.
Any questions? Please feel free to email me today: Kevin@MyCWMtg.com
