New GSE Mortgage Caps Effective October 1st

October 1st will mark the beginning of the government’s initiative to reduce their footprint in the mortgage industry by imposing new mortgage caps on mortgages the government sponsored enterprises (GSEs) will guarantee. Counties across the country will be affected and “some lenders are already warning borrowers that they will stop accepting applications for loans that exceed the new limits much sooner, to ensure the loans are funded before the cutoff date.” To view the impact the new caps will have on your county, go to the Wall Street Journal’s interactive map at http://on.wsj.com/pB1G4n

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