|
Confused?? Mortgage rates for conforming v.s non conforming mortgages??
| Posted By |
Message |
bride07
Ava Rose you are an angel!!!
Member since 3/09 6115 total posts
Name:
|
Confused?? Mortgage rates for conforming v.s non conforming mortgages??
I thought the limit in Nassau county for the FHA non conforming loan rate was now anything under 729k??
However, when I called around to a few banks they said anything above 417k is considered a Jumbo mortgage. They said they do not have to follow the FHA limit.
How does this work? Where can you get the best interest rate and have it still considered FHA limit of under 729k?
Hope that makes sense? Or is there some stipulation as to who qualifies for it??
Message edited 9/18/2010 9:06:04 AM.
|
Posted 9/18/10 9:04 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
|
Re: Confused?? Mortgage rates for conforming v.s non conforming mortgages??
I know my BIL is paying higher interst bc his loan is above 417K. Not an FHA loan he is putting down 20%
|
| Posted 9/18/10 9:12 AM |
| |
|
Salason
♥
Member since 6/05 9878 total posts
Name:
|
Re: Confused?? Mortgage rates for conforming v.s non conforming mortgages??
Over $417k is no longer "jumbo" it's "high balance conforming". So you dont get jumbo rates but you do pay 0.25% higher than the conforming rate (at least at Wells Fargo this is the case).
I guess you decided to leave the city  Good luck with the search!
|
| Posted 9/18/10 9:12 AM |
| |
|
bride07
Ava Rose you are an angel!!!
Member since 3/09 6115 total posts
Name:
|
Re: Confused?? Mortgage rates for conforming v.s non conforming mortgages??
Posted by Salason
Over $417k is no longer "jumbo" it's "high balance conforming". So you dont get jumbo rates but you do pay 0.25% higher than the conforming rate (at least at Wells Fargo this is the case).
I guess you decided to leave the city Good luck with the search!
As of now, we have a contract finally out on our apartment. As long as they get board approval by our co-op board...then yes we are free from the city!!!! LOL. So now we just wait and see.
It will be crazy though, if all goes through our close date is in the beginning of Nov and our  arrives Dec 21.
Hope you are doing well!!!!! 
|
| Posted 9/18/10 9:21 AM |
| |
|
Currently 1253080 users on the LIFamilies.com Chat
|
