Financing in Yonkers>Question Details

Hope, Other/Just Looking in Yonkers, NY

Does anyone have any insight as to when the limits of Jumbo mortgages will be redefined according to the?

Asked by Hope, Yonkers, NY Tue Mar 4, 2008

passed Stimulus package? It's possible I may need a mortgage soon over $417k, and I don't know what to do - I can't wait, but maybe I should look to get a mortgage I can refinance once the Jumbos reset? Any help insight is greatly appreciated.

Help the community by answering this question:

Answers

5
they just changed today.
go to https://entp.hud.gov/idapp/html/hicostlook.cfm and you will see the new fha loan limits and conventional. To search by conventional go to the 'limit type'..and put Fannie/Freddie
To search for the new FHA loan limits then leave it on FHA Forward
1 vote Thank Flag Link Thu Mar 6, 2008
Another option is to go conventional now and refinance through FHA this summer.

Having said that, I am pretty sure that the increased FHA lending limitations will be increased this month. Some mortgage companies will be faster then others at implementing the new limits. A lender I work with often, already has a loan locked under the new guidelines for a client.
0 votes Thank Flag Link Wed Mar 5, 2008
Hope, I wouldn't count on seeing the new conforming loan limits in the next 4 months... It's not just on FHA, it has to filter through the lenders, underwriting, appraisers, secondary market, etc. If your loan is going adjustable in a couple months I would get into something temporary with the lowest amount of closing costs that you can afford until we actually start seeing something happen. Who knows, It could not start happening until we get a president in the office.
0 votes Thank Flag Link Tue Mar 4, 2008
The bill was signed and approved on February 13th. The department of Housing and Urban Development was given 30 days to publish the median housing prices around the country. Most likely there will be a few months lag time for the underwriting systems to be updated to reflect these changes. I've heard as late as July before the products are offered publicly. There is also talk of a premium being charged for loans above the $417 limit as well. There are actually portfolio lenders out there that are offering pricing as good or better than conforming rates with certain borrower qualifications. Rate is not necessarily the most important factor in choosing a mortgage.
0 votes Thank Flag Link Tue Mar 4, 2008
I've heard that increases in the Fannie Mae lending limits won't happen until around June. Alot of areas will not be increasing at all. You might want to check into FHA. The FHA lending limits are increasing in most areas-possibly as soon as mid March.
0 votes Thank Flag Link Tue Mar 4, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer