Conforming Loan Limits?
Are all banks using the new conforming loan limits for Kings County? Do you know if they are using the $729,750 number or $625,500 number for single units? Or…do we have to use Frannie and Freddie to get the new limits? Thanks!
Are all banks using the new conforming loan limits for Kings County? Do you know if they are using the $729,750 number or $625,500 number for single units? Or…do we have to use Frannie and Freddie to get the new limits? Thanks!
despite the legal limits seems like $417,000 is the magic number..
Fannie and Freddie don’t directly offer loans. You go to a mortgage broker or bank and they offer you a loan and then they sell that loan to Fannie or Freddie if they can. If you qualify for a conforming loan–which not only involves the loan limit, but also your income, downpayment, and documentation–they will probably give you one because the conforming mortgage rates are quite a bit lower than Jumbo/AltA/Subprime rates. Before the crisis, some brokers did not do conforming mortgages at all, but I think that is a thing of the past now that everyone wants those 5% or less mortgages if they can get them.