Hang on Kid. We're almost there!
Late yesterday, the OFHEO (Office of Federal Housing Enterprise Oversight) did their thing, bumping up the conforming limits for Fannie and Freddie.
Here's their Press Release.
But what you really want is to know what rise your area is going to have.
That's available HERE
My area, the San Francisco Bay Area, will be seeing the maximum bump.
We're up to $729,750.
Nearby Sacramento will only see $580,000.
Nothing in life is free. Especially a Jumbo Conforming Loan.
Fannie announced that you'll be paying more for your mortgage depending on your LTV, Credit Score, etc.
That makes it even more important to work with a True Mortgage Professional.
I've said it before. You cannot shop by rate.
You couldn't before, but you really can't now!
Don't worry kids, we're almost there!
Still waiting for FNMA and FREDDIE to say they are going to buy...
Dorene - They will. Read the report.
My lenders are lagers...As of yesterday, no info yet!
Dorene - that's why I said we're almost there. Lenders now have to adopt the guideline changes and structure the new rates. What will that new rate be? It depends on what the MBS sell for.
We do know that these Jumbo Conforming Loans will not be put in the same TBD pools as the rest.
So even though fannie says you can, you and I and the borrower have to wait until the lenders say you can.