Conforming Loan Limits October 1, 2011 (Conventional)
[Critical Loan Limit Update on 11/18/2011] Banks stopped accepting rate locks on high-balance conforming loans to $729,750 in early September because these loans must close before loan limits drop on October 1. Below are new loan limits as of October 1 and approximate rate spreads between each tier:
Tier 1-TRUE CONFORMING: Lowest rates for loans to these limits:
-$417,000 (1 unit)
-$533,850 (2 units)
-$645,300 (3 units)
-$801,950 (4 units)
Tier 2-HIGH-BALANCE CONFORMING: Rates about .125% to .375% higher than Tier 1 for loans to these limits:
-$625,500 (1 unit)
-$800,775 (2 units)
-$967,950 (3 units)
-$1,202,925 (4 units)
-High-Balance limits vary by county: find yours here
Tier 3-JUMBO: Rates about .5% to .625% higher than Tier 2 for loans to $2m.
-Tier 1 and 2 limits are the same for FHA loans.
-Recent efforts by lawmakers to extend the higher limits have failed.
-Read WeeklyBasis for rates and market recap/outlook every Saturday.