2017 San Diego Loan Limit Changes

Blog, Buyer, Financing, Real Estate
There are usually three types of mortgages: conventional, high balance and jumbo.  The loan limits for these mortgages will be increased starting Jan 1, 2017.  Here's a breakdown of what it will look like in 2017: Conventional - up to $424,100 High Balance - $424,100 - $612,950 Jumbo - above $612,950 In general, the conventional loan will have the lowest interest rate.  When banks talk about interest rates, they are usually referring to the conventional loan rate.  Any loan amount above the conventional loan limit introduces more risk to the bank.  Due to this, they normally charge a higher interest rate and have stricter underwriting guidelines.  High balance loans will normally have a higher interest rate than the conventional loan and jumbo loans will generally have a higher interest rate…
Read More