12.12.2001 :: Loans
New 2002 Conforming Loan Limits
by Janee Del Colletti

On November 28, 2001 Freddie Mac announced that it will increase the conforming loan limit from $275,000 to $300,700 as of January 1, 2002.

The increase will enable many hard working families to take advantage of the lowest cost mortgage financing available and make the dream of home ownership more affordable. Freddie Mac estimates that 250,000 additional families will obtain lower cost mortgage financing. In addition, it is estimated that total mortgage savings for a borrower with a thirty-year mortgage at the new conforming loan is approximately $37,000 over the life of the loan!

Although the increase doesn t officially begin until January 1st, most lenders are currently honoring the new loan limits. Call your mortgage consultant or real estate professional to see how this increase can benefit you!

Janee Del Colletti of Santa Cruz Mortgage can be reached at 831.454.1169 or by email at janee@santacruzmortgage.com.