Loan Limts Set to Change October 1, 2011

Loan Limts Set to Change October 1, 2011

This is pretty urgent to consider right now. Any and all would be buyers should be educated about the impending loan amount changes.

In some communities this could have a very large impact with the possibility of a disasterous outcome. Here in San Diego, CA, where are current temporary loan limit is $697,500, the lowering of our maximum conventional financing amounts could shut out a vast part of our market place.

Today my company issued a statement that reads as follows: All qualifying loans must be closed and funded no later than Friday, September 30, 2011, NO EXCEPTIONS

OUCH! Given the current economic outlook with our recent Moody's down grade to AA+ do you think our country can afford to extend the temporary loan limits? Can we afford not to?

One thing is certain, we probably will not know until the past possible minute.

For now, please get your buyers together and start informing your sellers about the possible impact on them if we do not extend our temporary loan limits.