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