I meant to write Pelham, NY

I am a real estate agent in the Birmingham, AL area. Unfortunately, I do not keep up with the New York area. I would recommend calling a mortgage person in that area to get local guidance. It is my understanding the changes were in the northeast and west coast markets and some other areas around the country. You will have to see if you area qualifies for the new limits.

Are you looking to buy in the Pelham area as stated in the original post or New York?

I thought $417,000 was the old conventional limit and the new one was set at 175% of median sales price, up to $730,000 or so. You're saying that wasn't rolled out nationally? Do you know if it applies in Westchester County, NY?

The increase did not roll out nationwide. The threshold for FHA is $271,050. Anything above that amount would have to go conventional which can go to $417,000. Above this threshold would be jumbo mortgage which would run in the 7% range for rate according to local mortgage reps. There are alternatives and I can put you in touch with a local mortgage person that can run scenarios for you and talk to you about potential blended rates.