As part of the Economic Stimulus Acto of 2008, Congress authorized a conforming loan limit increase in "high-cost" areas around the country. Versus the national conforming loan limit of $417,000, for example, a Manhattan home buyer could secure a 2008 mortgage for $725,000 and still be within "conforming" guidelines.
Effective January 1, however, those limits rolled back. Conforming mortgages in the 59 designated high-cost regions are now capped at $625,500. In San Diego, the cap is $546,250.
In non-high-cost areas, the 2009 conforming loan limits remain unchanged from 2008.
1-unit properties : $417,000 San Diego: $546,250
2-unit properties : $533,850 San Diego: $699,300
3-unit properties : $645,300 San Diego: $845,300
4-unit properties : $801,950 San Diego: $1,050,500
Loans in excess of these dollar amounts are often called "jumbo", or "super jumbo" home loans, depending on their size. Jumbo home loans tend to be more costly than their conforming-sized cousins.
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