It’s 2009 : Mortgage Loan Limits Fall As Scheduled In “High-Cost” Danville California

Comments(0) By •January 6th, 2009

 

The 2009 Conforming Loan Limits, effective January 1, 2009

As part of the Economic Stimulus Act of 2008, Congress authorized a conforming loan limit increase in “high-cost” areas around the country. Versus the national conforming loan limit of $417,000, for example, a Danville home buyer could secure a 2008 mortgage for $725,000 and still be within “conforming” guidelines.

Effective January 1, however, those limits rolled back.  Conforming mortgages in the 59 designated high-cost regions are now capped at $625,500. 

In non-high-cost areas, the 2009 conforming loan limits remain unchanged from 2008.

  • 1-unit properties : $417,000
  • 2-unit properties : $533,850
  • 3-unit properties : $645,300
  • 4-unit properties : $801,950

Loans in excess of these dollar amounts are often called “jumbo”, or “super jumbo” home loans, depending on their size.  Jumbo home loans tend to be more costly than their conforming-sized cousins.

To obtain a rate quote from the local low rate leader, call Mike MIller for details.

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    Bank of Commerce Mortgage is an equal housing lender. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. Terms and conditions apply. HUD Approved FHA Lender. NMLS ID #1839. Lending available in California Dept. of Real Estate Broker #01218426. The opinions expressed herein are not necessarily those of Bank of Commerce Mortgage or its affiliates.