The Veridian Blog

Tomorrow, President Obama will sign into law the American Recovery and Reinvestment Act of 2009, the latest stimulus bill to help spur the economy into action.  The act includes provisions to temporarily increase the high-balance conforming limit back to $729,750 in the nation's most affluent areas, including the Bay Area.  This was the same loan limit allowed in 2008 under the Economic Stimulus Act.  Please note, before our lenders can begin accepting applications for the higher loan limits, three things must happen:

1.      The Fannie and Freddie GSE’s must determine whether pricing, policy and/or delivery requirements will be changed. 

2.      The GSE’s must communicate these requirements to mortgage lenders.

3.      The lenders must identify impacts caused by the GSE’s new requirements and implement the changes.

Just like last year, we ask for your patience during the time the changes are implemented.  We will post another blog as soon as the first lender begins accepting applications under the new act.

Thank you.