Loan Limits 2011

New 2011 changes are being announced but so far the conforming loan limit of $417000 won’t change for 2011.

Conforming loan limits is the most a borrower can be loaned under a conforming mortgage loan program. Loans above this amount are charged “Jumbo” mortgage rates- which are much higher than conforming.  There are ways around borrowers of higher priced homes being charged Jumbo rates such as a “split” mortgage- that is a first mortgage up to the maximum conforming loan limit & a 2nd mortgage for the  remainder.  Some lenders  have stopped doing “split” loans. If you’re purchasing a higher cost home- see if this is an option with your lender.

Contact Liz Schneider at 440.452.3894 or apply 24/7 at www.firstplacebank.com/lizschneider

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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