Friday, March 07, 2008Conforming Jumbo Loans?
We're almost there!
Late yesterday, the OFHEO (Office of Federal Housing Enterprise Oversight) did their thing, bumping up the conforming limits for Fannie and Freddie.
Here's their Press Release, but what you really want is to know what rise your area is going to have. That's available HERE
My area, the San Francisco Bay Area, will be seeing the maximum bump. We're up to $729,750. Nearby Sacramento will only see $580,000.
Nothing in life is free. Especially a Jumbo Conforming Loan.
Fannie announced that you'll be paying more for your mortgage depending on your LTV, Credit Score, etc. That makes it even more important to work with a True Mortgage professional. You cannot shop by rate. You couldn't before, but you really can't now.
Don't worry kids, we're almost there!
Labels: Conforming Loans, Fannie Mae, Freddie Mac, Jumbo Loans
posted by Mike
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