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Does anybody know what the current jumbo mortgage amount for a house in Pelham, NY is right now?

I understand that the jumbo amount increase is in affect until the end of the year and is based off median sales prices in the area, but don't understand how to confirm the current jumbo amount. Is this published anywhere? Does anyone know definitively? I am buying in the next 3 months.
Wed Apr 9 2008, 12:10 - Pelham - Financing - 4 answers
 
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Tim
Home Buyer
in New York
Tim, Home Buyer in New York in New York
Answers (4)
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Zack was FIRST TO ANSWER
I am in the process of buying in Pelham right now. There appears to be now 3 mortgage tiers with the temporary increase in the "jumbo" loan limit. for the time being, mortgages over $417,000 and under $729,750 are considered "agency jumbo". this means the government backs loans of this size, making them akin to the traditional conforming loan.

This does not mean you will always find better rates for loans under $729,750. In my experience, only the 30-year fixed gave better rates under that limit. A 7/1 ARM was the same. Hope that helps.

Thu May 29 2008, 11:45
 
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Dear Tim a jumbo amount is any loan over $417,000 for a single family residence. The increase you mentioned is for in the convenional loans bought by Fannie & Freddie. These loans though do come with additional costs of about 2% which you don't need to pay. While I may be based in NJ I do know the market and have some very good rates for Jumbo loans, please let me know if I can help.

Wed Apr 9 2008, 22:14
 
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Tim,

Zack gave you the correct resource to find the answer specific to your question. The products you seem to be referring to are the new Fannie/Freddie Jumbo Conforming loans. As they are relatively new and therefore untested financial instruments at this point, they are somewhat restrictive in qualifying. Dependent upon your position financially you may be better served with a portfolio lender that isn't subject to Fannie/Freddie guidelines. You shouldn't base your purchase on these programs alone. Full pre-approval is the best way of knowing what program is the best suited for you and can therefore assist you in determining your purchase price. Contact me if you would like more information.

jturnquist@guardhill.com

Wed Apr 9 2008, 13:40
Web Reference: http://www.guardhill.com
 
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FIRST ANSWER
https://entp.hud.gov/idapp/html/hicostlook.cfm

729,750

Wed Apr 9 2008, 12:44
 
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