As you've heard, a temporary increase in the Conforming Loan Limits for high-cost areas of living has been incorporated into the 2008 economic stimulus package. And Congress has authorized an increase of the single family residences limits to the lesser of $729,750. Great news for you and I living in Alameda where we are one of the higher median priced areas on average nationally. Finally, some relief!
Here's something you can do right now. Many mortgage brokers are anticipating refinances in the coming months. Consequently, they are packaging loan submission files now and getting them ready to submit for approval once this loan limit is raised This change in the loan limit will allow those people with jumbo loans up to $729k to refinance into conforming loan programs with much better rates. 30 Year Fixed conforming loan rates are currently at 5.50%. ARM rates are right around this level as well. Calll any of these professionals below for some assistance with your specific situation. Mention my name and you should get a call back same day.
Marc Geshekter, RPM (SF) (415) 722-3196
Melinda Rogers, Bank of America (Alameda) (510) 520-3318
Tom Nitsan, MPR Financial (Albany) (510) 527-6146
I'd like to share with you one resources that I've found helpful personally and my clients have had success with. Dick Lepre's RateWatch Newsletter - real estate professionals and consumers make this their "go to" site for simplifying recent news headlines and understanding the economic fundamentals that keep us skirting recession. Check out his RateWatch newsletter at http://www.loanmine.com/ratewatch
Hope this helps! And hang on, relief is on the way!