805 Local

The new Conforming loan limits have been announced for 2009!!  What does that even mean??  Well, if you are thinking of buying a home soon, it could mean a lot to you.  As of right now, the Conforming loan limit is $417,000 for Ventura and Los Angeles County.  That means that the “cheaper” money (lower rates) can be found on loan amounts up to that Conforming limit.  Once you exceed that $417,000, the rate goes up substantially!  To put it in other terms, if you wanted the best rate right now and you wanted to put down 20%, your maximum purchase price would be $521,250.

The new Conforming loan limit for Ventura County will be $598,000.  Using the above scenario, your best rate at 20% down would then let you now buy a home up to $747,500.  That’s a pretty big jump!  Los Angeles county is even higher with a new limit of $625,500 which translates to an 80%LTV purchase of $781,875.  This will ultimately help more people qualify for more house, so it’s a pretty big deal in our industry.  Last year, the Conforming loan limits did not increase at all from the previous year, so this will be a nice improvement. 

If you’re looking for the new Conforming loan limits in your area, you may click on the link below.  All states are shown alphabetically and then alphabetically by county as well.  2009 should be a better year for real estate on all fronts.  Go make your best offer on a home now and if you need financing advice, I happen to know a very knowledgeable loan officer who’s been in the business for 28 years. That’s right, it’s me! Give me a call. 2009 Conforming Loan Limits