Hawaii Loan Amount Increase

Hey Folks,

In Hawaii any loans over $625,500 is considered a Jumbo Loan with higher interest rates.  To help stimulate the economy and help serve more consumers in "high-cost" areas, Fannie Mae is rolling out a Jumbo-Conforming Mortgage with more attractive rates than the current Jumbo Loans.  Below are the new proposed loan amounts for Hawaii:

Jumbo-Conforming Mortgages

•·   starting April 1, 2008 for 15- and 30-year fixed-rate mortgages

•·   starting May 1, 2008 for eligible 5/1 adjustable-rate mortgages

                                                                                                                                                                                                         (county)                              (1 unit)        (2 unit)          (3 unit)        (4 unit)

Final guidelines and pricing are yet to be seen, but I am hoping that this is good news for those looking to refi or purchase whose loans would have been over $625,500 at a higher interest rate.  Especially since our median price on the islands is around 600k

Hope this helps.  Contact me for any questions or to run scenarios in Hawaii, as I am able to service all islands.