Wells Fargo Institutes New Loan Limits
Wells Fargo Institutes New Loan Limits
Wells Fargo Institutes New Loan Limits
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August 16, 2011 (Chris Moore)

Without a deal on the table to extend or make permanent current conforming loan limits on government-backed mortgages by Fannie Mae and Freddie Mac, Wells Fargo will no longer accept applications for loans that fall under the soon to expire temporary loan limits.

Congress temporarily raised the conforming loan limits from $417,000 to $729,750 in 2008 to help the slumping housing industry, but the current loan limits are set to expire on October 1st.

Once the temporary loan limits expire, the maximum conforming loan limit for the Federal Housing Administration (FHA), Freddie Mac, and Fannie Mae will decline to $625,500 with many areas that have enjoyed the higher loan limits falling far below the new maximum.

Wells Fargo’s deadline for accepting loan applications under the temporary loan limits ended yesterday, August 15th, and all application for loans of $625,501 or more will now be considered as jumbo loans.

Housing industry heavyweights such as the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), and the Mortgage Bankers Association (MBA) have advocated making permanent or extending the higher current conforming loan limits.

There is still a possibility that the current loan limits could be extended as a bill that was introduced by Rep. John Campbell (R-CA) and Rep. Gary Ackerman (D-NY) that extends the current loan limits for two more years is waiting for Congress to consider when they come back from their summer recess in September. The bill has wide support from within the housing industry.

Housing advocates fear that the higher down payment requirements and interest rates that typically accompany non-conforming and jumbo loans will have a negative impact on the housing industry, with as many as 17 million homes nationwide being affected by the reduced loan limits according to NAR.

Tag: conforming loan limits, Wells Fargo, NAR, HAHB, MBA, jumbo loans, housing industry, temporary loan limits, FHA, Freddie Mac, Fannie Mae

Source:
California Association of Realtors

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

August 16, 2011 (Chris Moore)

Without a deal on the table to extend or make permanent current conforming loan limits on government-backed mortgages by Fannie Mae and Freddie Mac, Wells Fargo will no longer accept applications for loans that fall under the soon to expire temporary loan limits.

Congress temporarily raised the conforming loan limits from $417,000 to $729,750 in 2008 to help the slumping housing industry, but the current loan limits are set to expire on October 1st.

Once the temporary loan limits expire, the maximum conforming loan limit for the Federal Housing Administration (FHA), Freddie Mac, and Fannie Mae will decline to $625,500 with many areas that have enjoyed the higher loan limits falling far below the new maximum.

Wells Fargo’s deadline for accepting loan applications under the temporary loan limits ended yesterday, August 15th, and all application for loans of $625,501 or more will now be considered as jumbo loans.

Housing industry heavyweights such as the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), and the Mortgage Bankers Association (MBA) have advocated making permanent or extending the higher current conforming loan limits.

There is still a possibility that the current loan limits could be extended as a bill that was introduced by Rep. John Campbell (R-CA) and Rep. Gary Ackerman (D-NY) that extends the current loan limits for two more years is waiting for Congress to consider when they come back from their summer recess in September. The bill has wide support from within the housing industry.

Housing advocates fear that the higher down payment requirements and interest rates that typically accompany non-conforming and jumbo loans will have a negative impact on the housing industry, with as many as 17 million homes nationwide being affected by the reduced loan limits according to NAR.

Tag: conforming loan limits, Wells Fargo, NAR, HAHB, MBA, jumbo loans, housing industry, temporary loan limits, FHA, Freddie Mac, Fannie Mae

Source:
California Association of Realtors

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

August 16, 2011 (Chris Moore)

Without a deal on the table to extend or make permanent current conforming loan limits on government-backed mortgages by Fannie Mae and Freddie Mac, Wells Fargo will no longer accept applications for loans that fall under the soon to expire temporary loan limits.

Congress temporarily raised the conforming loan limits from $417,000 to $729,750 in 2008 to help the slumping housing industry, but the current loan limits are set to expire on October 1st.

Once the temporary loan limits expire, the maximum conforming loan limit for the Federal Housing Administration (FHA), Freddie Mac, and Fannie Mae will decline to $625,500 with many areas that have enjoyed the higher loan limits falling far below the new maximum.

Wells Fargo’s deadline for accepting loan applications under the temporary loan limits ended yesterday, August 15th, and all application for loans of $625,501 or more will now be considered as jumbo loans.

Housing industry heavyweights such as the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), and the Mortgage Bankers Association (MBA) have advocated making permanent or extending the higher current conforming loan limits.

There is still a possibility that the current loan limits could be extended as a bill that was introduced by Rep. John Campbell (R-CA) and Rep. Gary Ackerman (D-NY) that extends the current loan limits for two more years is waiting for Congress to consider when they come back from their summer recess in September. The bill has wide support from within the housing industry.

Housing advocates fear that the higher down payment requirements and interest rates that typically accompany non-conforming and jumbo loans will have a negative impact on the housing industry, with as many as 17 million homes nationwide being affected by the reduced loan limits according to NAR.

Tag: conforming loan limits, Wells Fargo, NAR, HAHB, MBA, jumbo loans, housing industry, temporary loan limits, FHA, Freddie Mac, Fannie Mae

Source:
California Association of Realtors

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.