Fannie Mae High Balance Loans are replacing the Jumbo Conforming Program.  This might be better if all Lenders participate within the fill parameters of the program.

 

 

 

 

 

 

 

 

 

Some of the highlights are:

 

·        15 and 30 year fixed and 5/1 ARM programs only

·        1-4 Primary residence allowed

·        Condos and coops!

·        Only single family second homes

·        NO investor properties

 

Check with your lenders to see what programs they allow.  Some will not allow coops or any second homes.   Make sure everybody is on the same page and check with any rate or cost premiums resulting from high loan to values or FICO scores.  The banks and loan officers might try to glom on these, so make sure you understand each “hit” to price and rate.

Dale Siegel