Relevant:
2012-07-14 — freerateupdate.com
At one time, conforming loan limits were set at $417,000 across the country which left many borrowers in high cost areas in the position to obtain non-conforming mortgages for a home purchase. While these loans had to meet underwriting standards, they were too large to be sold to Fannie Mae or Freddie Mac. Borrowers in California, New York and other high priced locations were all affected. Since the housing crisis when home values began to decline, these borrowers have been unable to refinance since their loans are not held by Fannie Mae or Freddie Mac. In the meantime, these two entities have raised the loan limits to $625,500 for high cost areas across the country.
If Senate Bill 3085 is approved, many non-conforming jumbo mortgage borrowers will be able to refinance since the proposed changes do not depend on the lender or government entity.
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