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It seems like that it\'s possible that the congress would allow GSEs(Fannie Mae and Freddie Mac) to temporarily increase the conforming
loan limit so taht it will provide a \'short term lift of the current Jumbo Loan Market.
But it\'s unlikely that the conforming loan limit will be increased
in the near future.
(In California)On Sep 20th, Gov. Arnold Schwarzenegger wrote a
letter to Congressional leaders asking for a state exception
to the GSE conforming loan limit ($417,000):
“The current GSE conforming loan limit for lenders willing to
originate conforming mortgage loans for median-priced homes in
California is $417,000; however, according to the California
Association of Realtors, the median price of a single family
residence in July was $586,030. Again, this disparity makes
these products practically irrelevant in California,”
Gov. Schwarzenegger writes in the letter to Congress.
loan limit so taht it will provide a \'short term lift of the current Jumbo Loan Market.
But it\'s unlikely that the conforming loan limit will be increased
in the near future.
(In California)On Sep 20th, Gov. Arnold Schwarzenegger wrote a
letter to Congressional leaders asking for a state exception
to the GSE conforming loan limit ($417,000):
“The current GSE conforming loan limit for lenders willing to
originate conforming mortgage loans for median-priced homes in
California is $417,000; however, according to the California
Association of Realtors, the median price of a single family
residence in July was $586,030. Again, this disparity makes
these products practically irrelevant in California,”
Gov. Schwarzenegger writes in the letter to Congress.
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