Starting Oct. 1, Fannie Mae and Freddie Mac will add limits on the size of mortgages they purchase from lenders — a move that likely will force future borrowers into the more expensive and harder-to-get jumbo loans, USA Today reports.
The changes would affect home loans of more than $625,500.
A number of large lenders — including Bank of America, Wells Fargo and JPMorgan Chase — already have stopped taking new applications for affected loans so they can be sure they close the applications they have before the Oct. 1 deadline.