the new conforming load rate has been raised and is on the way!

Finally, it’s official that the $729,750 conforming loan limit will return to the BAY Area!!  Direct from the ASF, “The American Securitization Forum (ASF) clarified that GSE and FHA loans originated in 2009 in amounts between $625,500 and $729,750, pursuant to the increases in loan limits enacted by the stimulus package, will be eligible for delivery into the TBA market subject to the existing de-minimis limits for superconforming loans to borrowers in high-cost areas.”  Don’t you just love the way that the ASF writes their statements?  Before we all start submitting loans, however, the systems do need to be updated and pricing needs to be established.  This process will likely take at least a month, and manual underwriting will likely be required for loans between $625,500 and $729,750, as this allowance expires at the end of 2009.  Stay tuned!