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April 6, 2009
New Conforming Loan Limits?
Does anyone have any information on when banks will start processing loans with the new conforming limits? The limit in most of Brooklyn has been raised to $729 as part of the recent stimulus package, but everytime I call my bank to try to refi or modify I'm told they don't know anything about it yet. Is anyone able to get these loans yet? And where are you getting them from?
Comments
the new conforming limits takes effect on may 1st
Posted by: kkc15 at April 6, 2009 4:38 PM
I am in private banking with Wells Fargo and get weekly updates on this situation, since we want to re-fi as well. The limits are supposed to kick on on May 1 but apparently the government are being a bit slow about it.
Posted by: Frudo at April 6, 2009 6:06 PM
Great, thanks much! I'll check back after May 1.
Posted by: Brooklynitetobe at April 7, 2009 9:41 AM
despite the new legal limits, $417,000 seems to be the magic number
Posted by: hazenyc at May 15, 2009 12:50 PM
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