Thursday, January 24, 2008

Jumbo Loan Limits to Be Increased

A jumbo mortgage currently starting at $417,000 will be increased as much as 75% in some areas saving consumers thousands of dollars in interest expense. Loans larger than $417,000 are priced higher than mortgages below that amount currently because they are not insured by the quasi government agencies, Fannie Mae and Freddie Mac. The change was passed as part of the President's tax rebate bill. FHA loans limits were also raised. Most of us can also expect tax rebate checks of up to $1200 by May.
The Senate and White House must still ink the deal.

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