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Here are 3 new California laws that may have a widespread impact on wallets in 2025 California Gov. Gavin Newsom was busy in 2024, signing over 1,000 bills, according to local reporters.
Loan limit – 2023’s limits are $726,200 for a single-family home in most markets, but up to $1,089,300 in higher-cost areas. (In 2024, the limit jumps to $766,550 in most areas and $1,149,825 ...
The amount of the loan exceeds conforming loan limits ($766,550 in most parts of the U.S. in 2024). The borrower’s credit score and debt-to-income (DTI) ratio aren’t within conforming ...
The conforming loan limit for Fannie Mae, along with Freddie Mac, is set by Office of Federal Housing Enterprise Oversight (OFHEO), the regulator of both GSEs. OFHEO annually sets the limit of the size of a conforming loan based on the October to October changes in mean home price, above which a mortgage is considered a non-conforming jumbo loan .
In the United States, a super jumbo mortgage is a jumbo mortgage that far exceeds the conforming loan limits. These are typically 4 times the maximum loan amount set by Fannie Mae or Freddie Mac which as of 2024 [update] was $766,551. [ 1 ]
If a loan's origination amount is above the CLL then a mortgage is considered a jumbo loan, and typically has higher rates associated with it. This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of ...