Financing in 95020>Question Details

Wert, Home Buyer in Gilroy, CA

conforming loan limits will go into effect?

Asked by Wert, Gilroy, CA Mon Mar 24, 2008

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Wert - the new 'conforming-jumbo' loans are currently available, though for the most part, they're not pricing any better than the regular jumbos. Looks like it might be a few months before lenders and the marketplace starts welcoming these new loans!

Jeff
0 votes Thank Flag Link Wed Mar 26, 2008
Most lenders have them already.
Web Reference: http://www.cimpler.com
0 votes Thank Flag Link Mon Mar 24, 2008
Artur Urbans…, Real Estate Pro in Burlingame, CA
MVP'08
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Hi Wert - HUD has computed the new maximum conforming limits and FHA has put the new program into effect. For most, if not all, of Santa Clara Co. the new limit is $729,750. Now it's up to the individual lending institutions to implement thier own internal systems. Some, like Wells Fargo, have already done so. Be forewarned, however, that these new loans won't automatically carry the same interest rates as the traditional 417K conforming loans. It will take awhile for the financial institutions to sort this out, but so far the the quotes I have seen are about midway between the old Conforming and old Jumbo rates. The Jumbo rates are sort of high right now because of lack of liquidity in the securities market due to fear and uncertainty. Hopefully this will all sort itself out in a hurry, as the program expires at the end of the year. You might want to start prodding your Congressperson to get the law extended.
I am a Realtor and federal law prohibits me from accepting any fees from lenders, so if you need a mortgage banker, I will freely refer you to some good ones.

Good luck.
0 votes Thank Flag Link Mon Mar 24, 2008
We have been told they will be ready to fund on or approximate April 1st.
0 votes Thank Flag Link Mon Mar 24, 2008
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
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Good news for home buyers!!! Loan limits were raised and should go into effect in April 08 sometime.
0 votes Thank Flag Link Mon Mar 24, 2008
West, we now have the new FHA loan amounts and rates in our system.
0 votes Thank Flag Link Mon Mar 24, 2008
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