Orange County Real Estate | Buy | Sell | Lease | SFR and Condo's
2009 Temporary Loan Limits: LTV/FICO Changes
Agency Jumbo (Conforming High Balance): 2009 Temporary Loan Limit & Guideline Changes
Effective 8:00 pm (Pacific), Thursday, May 14, 2009, the following Agency Jumbo (Conforming High Balance) 2009 Temporary Loan Limit & Guideline Changes will take effect:
The maximum loan limits in certain high cost areas has increased from $625,500 to $729,750.
Property Types
48 Contiguous States
2009 Temporary Loan Limits
Alaska and Hawaii**
2009 Permanent Loan Limits
*Loan limits vary by county.
**The temporary high-cost loan limits in Alaska and Hawaii do not apply because these limits are lower than the exiting maximum potential high-cost area limits.
Guideline Changes
In addition to the temporary increased loan limits, the following guideline changes will also be in effect:
Coops & 2-4 Unit properties: Are now eligible property types
Max Cash-out restriction of $200,000: Removed
Mortgage Insurance (MI) Restrictions on loans with LTVs > 80%:
Condos & Attached PUDs: Manual MI is required
Florida - Condos & Attached PUDs: Max LTV is 80%
No mortgage lates in last 12 months, regardless of AUS approval
Appraisal Requirement: A Field Review is now required if the loan amount is >= $625,500 and the LTV/CLTV is > 80%
If the Field Review results in a different value than the appraisal, the lowest of the following values must be used to calculate the LTV:
Original Appraised value
Field Review value
Sales price
Condos: The appraisal must contain at least two comparable sales from projects outside of the subject project in addition to standard current comparable sale requirements.
Condos, Coops PUDs: Standard project review processes and eligibility requirements allowed
Effective 8:00 pm (Pacific), Thursday, May 14, 2009, the following Agency Jumbo (Conforming High Balance) 2009 Temporary Loan Limit & Guideline Changes will take effect:
The maximum loan limits in certain high cost areas has increased from $625,500 to $729,750.
Property Types
48 Contiguous States
2009 Temporary Loan Limits
Alaska and Hawaii**
2009 Permanent Loan Limits
*Loan limits vary by county.
**The temporary high-cost loan limits in Alaska and Hawaii do not apply because these limits are lower than the exiting maximum potential high-cost area limits.
Guideline Changes
In addition to the temporary increased loan limits, the following guideline changes will also be in effect:
Coops & 2-4 Unit properties: Are now eligible property types
Max Cash-out restriction of $200,000: Removed
Mortgage Insurance (MI) Restrictions on loans with LTVs > 80%:
Condos & Attached PUDs: Manual MI is required
Florida - Condos & Attached PUDs: Max LTV is 80%
No mortgage lates in last 12 months, regardless of AUS approval
Appraisal Requirement: A Field Review is now required if the loan amount is >= $625,500 and the LTV/CLTV is > 80%
If the Field Review results in a different value than the appraisal, the lowest of the following values must be used to calculate the LTV:
Original Appraised value
Field Review value
Sales price
Condos: The appraisal must contain at least two comparable sales from projects outside of the subject project in addition to standard current comparable sale requirements.
Condos, Coops PUDs: Standard project review processes and eligibility requirements allowed
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