FHa announced plans to cut the max amount of loans that can be backed by Fannie Mae and Freddie Mac. Right now it’s 417 for most of the country and 625 for Ca.How much is not clear. this will take place Jan 1.
It may not make a big deal for the high end since banks have been recently ramping up jumbo loans and charging rates that are as good as lower amounts.In addition, some lenders have cut the down payment on jumbo loans to 15%.
