Afro's and Bell Bottoms Are Back In Style...Well Not Really!
By Shameca Tankerson
(Wealth Builder's Network, Inc.)
Everything old is new again. If you live long enough you will see styles come and go. What's in goes out, then comes back again. It seems that true in real estate as well. Conforming Loan Limits Are Above $700,000 Once Again! Conforming mortgages are limited by loan size, based on "typical" housing costs around the country. The current conforming limit on a single-unit property is $417,000. In 2008, as part of the Economic Stimulus Act of 2008, Congress authorized conforming loan limits increases in "high-cost" areas around the country. In Los Angeles County, for example, a mortgage could be as large as $729,750 and still be considered "conforming". Those temporary increases rolled back effective January 1, 2009, to a maximum of $625,500. However, as part of the American Recov...
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