Time's up! The October 1 deadline for loan limits is here, and homebuyers all over in America just ran out of time. NAR reported this week that Congress failed to extend the FHA and GSE Loan Limits. Tomorrow those limits will decline in 669 counties in 42 states. The new limits will now be equal to 115% of median home price (down from 125%), and the high cost gap will fall from $729,750 to $625,500.
NAR has a guide available to determine the new loan limits and it is available on REALTOR.org or by clicking here. If your county isn’t listed, your limits will not change. NAR continues to work with Congress to get the higher limits restored.
