Maximum Loan Limits Change in Santa Barbara County
As you may have heard, Fannie Mae and Freddie Mac maximum loan limits for mortgages will change October 1st. Santa Barbara County will see its current maximum loan limit of $729,750 (usually referred to as a “conforming” loan) drop to $625,500. All loan amounts over the $625,500 maximum will be considered “jumbo” loans. Jumbo loans are typically more expensive and more difficult for borrowers to obtain. But please give Kelly a call at 805-895-4406 if you are looking for a reputable mortgage broker, as jumbo money is available for qualified borrowers.