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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Question for the mortgage experts out there...
When the whole stimulus package was passed, I believe part of it was supposed to include raising the conforming mortgages limits. However I haven't seen any banks that are actually doing this, and all still have jumbo rates for any mortgage higher than $417k.
Are banks around here just not participating in this, or was that part of the stimulus package done away with? It seems even more relevant now with the rates going up...
Thanks for any info.
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Posted 6/26/08 3:48 PM  |
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Long Island Weddings
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Question for the mortgage experts out there...
I know they raise the FHA limits to over $700K
I will ask my DH when I get home- he would know the answer
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| Posted 6/26/08 3:51 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Question for the mortgage experts out there...
Thanks.
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| Posted 6/26/08 3:54 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question for the mortgage experts out there...
You are not supposed to be paying a premium on the interest rate for conforming over 417k.
The banks should be following these rules.
Of course your interest rate will be affected based on how much you are putting down. Are you taking that into account?
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| Posted 6/26/08 9:08 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Question for the mortgage experts out there...
Posted by ave1024
You are not supposed to be paying a premium on the interest rate for conforming over 417k.
The banks should be following these rules.
Of course your interest rate will be affected based on how much you are putting down. Are you taking that into account?
This is sort of a hypothetical discussion as I haven't sold my house yet so I don't know exactly how much we'll be putting down, but for the sake of discussion let's say we find a house for $600k and are putting down 20%. That would still keep us in jumbo territory. I am looking at various bank web sites for their rates and they have one set of rates for conforming (up to $417k) and a different set of rates for jumbo.
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| Posted 6/26/08 11:10 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question for the mortgage experts out there...
Read This Link
Looks like even though the stimulus package raised the conforming loan amount, Fannie Mae doesn't have to follow it. 
I wasn't aware of this little loophole, since like you said there aren't any banks out there that are following this.
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| Posted 6/26/08 11:47 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Question for the mortgage experts out there...
Well that's frustrating, but I guess it answers my question! Thank you.
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| Posted 6/27/08 8:32 AM |
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