What Is The Temporary Lending Limit?

The Temporary Lending Limit represents a key component in the Stimulus Package signed earlier this year.  Here’s the basics: the Temp Lending Limit is $729,750 for single family residences, condos and co-ops (check with your loan officer to confirm if their particular mortgage firm adheres to this).  One of the major caveats to the Temp Lending Limit, however is that its just that: Temporary thru 12/31/08. 

Also the Temp Lending Limit is not nationwide.  Click this link: https://entp.hud.gov/idapp/html/hicostlook.cfm to see whether the region you are buying in is included. 

As for rates, downpayment requirements, etc. - contact me (or the loan officer you are working with currently) for details.

Take care -

Daniel