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.