As part of the Housing and Economic Recovery Act, Congress changed the definition of a conforming loan for Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase many American home loans from lenders.  In defined "high-cost areas" a one-unit property can be financed up to $729,750.  Loans to be qualify for this special increase over the standard limit of $417,000 must be funded by December of 2009.

Alameda and Contra Costa, along with many other Bay Area counties, have been classified "high-cost areas."  Call us today so that your loan is complete before the deadline!