breaking news - jumbo increase

[coastal]

According to CNBC, Senate leaders are set to announce a deal on the Economic Stimulus Plan. As you know, the plan is said to contain a temporary increase in the jumbo loan limit (from $417,000 to $730,000). This is great news for those of you with high-dollar listings. It’s also great news for anyone who is currently in a jumbo mortgage who may be interested in refinancing.

Yay! they must have read our forum and saw my request!

[ericbramlett]

Mike -

Can you shoot us a link to that?

[arenetwork]

That would actually be the conforming loan limit and not the jumbo limit.

[coastal]

It was from an unsolicited e-mail from a mortgage broker. I must be on her spam list.

According to CNBC, Senate leaders are set to announce a deal on the Economic Stimulus Plan. As you know, the plan is said to contain a temporary increase in the jumbo loan limit (from $417,000 to $730,000). This is great news for those of you with high-dollar listings. It’s also great news for anyone who is currently in a jumbo mortgage who may be interested in refinancing.



I’ll get more info out to you as soon as I hear something.


Take care,



Donna
Donna Marshall
Cornerstone Mortgage
phone: (302) 254-5626
fax: (302) 254-5627
toll free: (866) 329-8400
email: Donna@CornerstoneMtgCorp.com

[Benjamin Dona]

The increase is included in the Economic Stimulus Package Bill itself. It will temporarily increase the loan limits maximums for FHA from $362,000 to $729,750 and for Fannie Mae and Freddie Mac from $417,000 to $729,750. County by county limit restrictions will still apply as to the actual FHA maximum amount for each states individual counties.

The measure passed the Senate at about 5PM EST today and must now go to the House and Senate compromise committee and they have until February 15th to finalize the bill that will be presented to the President for his signing into law.

The loan limit increases are not a point of contention in this bill. According to Reid and McConnell's comments on C-span after the vote, it is unlikely a compromise on the bill will not be reached. But, as with everything in government politics, we'll just have to wait and see what happens.

[Ryan Ward]

the issue is 44 billion (or million, can't remember) in spending that the democrats tacked on to the bill to try and push forward some of their agenda that would otherwise not pass.

This is what politics in the U.S. has become.

Personally, I find that type of tactic disgraceful.

[RyanRE]

I heard that economic stimulus plan was likely yo go through. I also heard that the increase is relative to the average (or median) home price in the area too.

[Morristown]

It was from an unsolicited e-mail from a mortgage broker. I must be on her spam list.
According to CNBC, Senate leaders are set to announce a deal on the Economic Stimulus Plan. As you know, the plan is said to contain a temporary increase in the jumbo loan limit (from $417,000 to $730,000). This is great news for those of you with high-dollar listings. It’s also great news for anyone who is currently in a jumbo mortgage who may be interested in refinancing.



I’ll get more info out to you as soon as I hear something.


Take care,



Donna
Donna Marshall
Cornerstone Mortgage
phone: (302) 254-5626
fax: (302) 254-5627
toll free: (866) 329-8400
email: Donna@CornerstoneMtgCorp.com

That is so funny, I know Donna Marshall Personally. She is a very nice lady and great mortgage person. She has helped bring several challenging home sales to conclusion for me. My hat is off to her.

James Boyer

[Ryan Ward]

They just passed it ands it's on the way to the president.

[Lewi]

I currently have a client who is waiting to see this passes before buying a home. They would like a home that is just above the current limits, This passing can make the difference in buying what they want vs what they don't want in order to avoid a jumbo loan.