Bigger mortgages will cost more
Borrowers who want a bigger loan to buy a home or refinance an existing mortgage may need to act soon to avoid higher costs from lower mortgage limits.
These lower limits mean borrowers will pay more in down payments or interest rates because they won't qualify for Fannie Mae, Freddie Mac or FHA loans.
Loan limits vary by county, and the changes will vary by county as well. Each county has two maximum loan sizes: one for conforming loans, which lenders can sell to Fannie Mae and Freddie Mac, and the other for mortgages insured by the FHA.
Those maximum loan sizes will be reduced Oct. 1.
For more information, see "Bigger mortgages will cost more."