Jumbo Loan Limits have Changed

The temporary high-cost area (HCA) high-balance loan limits established under the Economic Recovery Act of 1988 expired on September 30, 2011 and as of October 1, 2011, have reverted to the “permanent” loan limits as established by the Housing Economic Recovery Act (HERA) of 2008. For homes in Ventura County, this means that  the maximum limit for loans originated after September 30, 2011 will decrease from $729,750 to $598,000 for a one-unit property. For mortgage loans originated on or after July 1, 2007, through and including September 30, 2011, the maximum loan limit in high-cost areas remains at $729,750 for a one-unit property in the continental United States. Fannie Mae will continue to purchase these loans, and there is currently no delivery deadline. Please note the loan origination date is the date of the note.