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$729,750 is the New Jumbo: Update

By
Mortgage and Lending with Province Mortgage Associates - NMLS #2861

Last week, we received word from one of our lenders regarding their interpretation of the new Jumbo mortgage rules included with the economic stimulus plan.  Here's what will be happening:

  • HUD will release Median Home Prices for the country within the next 30 days
  • Conventional limits will increase to the higher of the current limit of $417,000 or 125% of the median area home price, not to exceed $729,750
  • FHA limits will increase to 125% of the median area home price, not to exceed $729,750
  • Loans can be purchased that were closed from 1 July 2007 through the program's end 31 December 2008

So now we know.  The HUD website for median home prices is located here.  (Don't worry that it says "FHA Mortgage Limits," as the median price data used is the same for all mortgages under this plan.)  Keep checking back for updates!

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