FNMA recently increased conforming loan amounts on single family homes up to a maximum amount of 729,000 in certain areas.  Loan amounts in between 417,000 and 729,000 are referred to as “jumbo conforming” and will be in play until the end of 2008.  I can assume they will be continued for at least until the real estate crisis is over. Yes, there is a crisis!

Among the vast rules and increased fees, the property and ownership types are limited.  Cooperative apartments were not included until just today.

So, good news in the Big Apple, your coop loans over 417,000 and up to 729,000 will have lower rates.  Of course there might be additional fees, charges costs and rules but at least the Bush Administration can say they are trying!

Stay tuned until next week to be informed.

Dale Siegel