When a jumbo mortgage balance can move into a conforming refinance
When new limits arrive
Crossover answer
FHFA usually announces the next year's conforming loan limits late in the year, and they take effect in January. If your balance is just above this year's limit, the new limits may bring it under. Many lenders begin taking applications for the new limits soon after the announcement.
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Plan around it
- Watch for FHFA's announcement.
- Look up your county's new limit.
- Ask lenders when they will use it.
Switching questions
When do conforming loan limits change?
Each year, usually announced late in the year and effective in January.
Can I apply under next year's limit early?
Some lenders accept applications after the announcement.