The conforming loan limit cap for Fannie Mae, Freddie Mac, and FHA will be changing from $729,750 to $625,000 (Bay Area MSA) on January 1st, 2009.
However, the effective deadline is much earlier than that. Most of the big banks have moved their funding deadlines to the end of November or December 1st. Meaning, that your loan needs to fund by then if you are going to get a conforming $729,750 loan. Meaning, you’d better be opening escrow in the next few days on your purchase if you need a loan that big.
Move quickly.
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