Good news for San Mateo home buyers as the temporary conforming loan limits for high cost areas will stay the same until December 2010. The key word is temporary, because without President Obama signing this extension on October 31st, 2009, the conforming loan limit in San Mateo County would have been scaled back to $625,500 from the current and now extended conforming loan limit of $729,750 for a one unit property.
Conforming Loan Limits for San Mateo County
| Loan Limit | Number of Units |
|---|---|
| $729,750 | 1 |
| $934,200 | 2 |
| $1,129,250 | 3 |
| $1,403,400 | 4 |
Other California counties with the same conforming loan limits
- San Francisco County
- Santa Clara County
- Alameda County
- Contra Costa County
- Marin County
What Do Number of Units Mean?
A “1 unit” property is a single family residence, including condominiums, townhomes and single family homes. A “2 unit” property is a dwelling that has two residences in one structure, commonly known as a duplex. A “3 unit” property is a dwelling that has three residences in one structure, commonly known as a triplex. A “4 unit” property is a dwelling that has four residences in one structure.
New Conforming Loan Limits Expire December 31, 2010
As of right now, San Mateo home buyers have until December 31st 2010 to take advantage of the temporary conforming loan limits in San Mateo County of $729,750. The conforming loan limit extensions will benefit all San Mateo County borrowers and will allow you to buy more of a home while taking advantage of historically low mortgage interest rates.
Planning on Buying a Home More Expensive than $729,750? You’ll Need a Jumbo Loan
If you need a loan amount over the conforming loan limit of $729,750, you will then be moved into the Jumbo Market. The Jumbo Market means higher interest rates, more money down and stricter guidelines. Call me at (650) 520-0915 or email me at info@SanMateoMortgageBlog.com to discuss your situation in further detail.
What Can You Afford? Come in for a Free Consultation
If want more information or need to take advantage of these temporary conforming loan limits and historically low rates, give me a call at 650-520-0915 or shoot me an email at info@SanMateoMortgageBlog.com. We can schedule an in person or phone consultation to discuss your upcoming purchase or refinance.
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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