If you been following along in the comments of my previous posts about the conforming limits, you've seen that there has been a lot of interest in when banks were going to be able to finally lend to the new 2009 conforming mortgage loan limits. I was surprised at the huge level of interest in the new loan limits that my previous posts saw (web traffic and questions I got). In case you missed those posts, here they are: 2009 Fannie and Freddie conforming loan limits for Boston increased in stimulus bill or 2009 Freddie and Fannie conforming loan limits for Boston.
Anyway - since I promised to keep everyone updated as soon as I had news on the availability of loans using the new limits, here's the good news. I just got confirmation that as of yesterday Wells Fargo has been able to lend to the new 2009 Freddie and Fannie conforming loan limits that were enacted as part of the stimulus bill ($523,750 for a single family or condo in the Boston area - for a list of other areas and for multifamily, see this post). I suspect other banks will be able to follow suit shortly, but I'll try to get confirmation of that as well.
In the meantime, if you're in the market for a new purchase or refinance loan, check out the latest mortgage rates available.
Do you have questions? What are your thoughts? Comment below!
Looking for condos or other property in Boston? Search all listings on the MLS