Our loan limits for the Chicago MSA will go from $410,000 to $365,000 for a SFR (those of you doing loans in Kankakee, Winnebego counties, anything farther south and west, the loan limit is lower than this).
I will get the 2-4 unit loan limits out to you later today.
In order to take advantage of the $410k max loan limit, there are some pretty stiff requirements of what has to happen prior to 9/30 in terms of the loan approval. If you have anyone out there that may fall into this bucket who has not applied at this point, it’s going to have to happen in the next week or so in order to ensure we can approve the loan prior to and grandfather it in!
We also need to confirm that our investors will purchase the loan after 9/30 if it meets HUD requirements for approval prior to.
If you do have a loan affected by this we are creating a tracking report to ensure it doesn’t fall through the cracks and we can close and fund on it without issue.
Any questions, let me know…
SVP Mortgage Lending – Key Mortgage Services, IL