Unless Congress takes some action the FHA Conforming loan limits will drop from $729,950 to $625,500 by October 1st. Banks however are already starting to take action and if you are currently out looking you may want to try and get into contract by the end of the month as that is when several banks will stop accepting as conforming loans in the $625,500 to $729,950 range. This will result in the costs of financing going up by about 3/4 points significantly increasing monthly payments.
Greg Bryan is a realtor and an attorney in San Francisco
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