The Jumbo Conforming Loan is Here and Right Around The Corner.

If you have not heard here or in the world of news, the Government is temporarily increasing loan amounts so, more people will be able to get mortgages. Might I remind you that the “more” means wealthier people with higher loan amounts. This will not help people that have loan amounts under 417,000. The guidelines are sort of out, but not really. So, the lenders are saying a few weeks until they figure it out. So far, this is what I can tell you:

• Loans can be as high as $729,000 in some areas
• Purchase loans up to 90%
• Rate and term refi up to 75%
• No cash out refi allowed
• Minimum FICO score of 660
• Full doc only
• Single family and condo only
• Second home and investor loans up to 60% LTV

Next week, we will tell you how to get around the above guidelines!

Enjoy your weekend

Dale Siegel