To help lenders serve more borrowers in many high-cost areas, Fannie Mae is introducing Jumbo-Conforming Mortgages. They will accept whole loan and MBS deliveries:
- starting April 1, 2008 for 15- and 30-year fixed-rate mortgages
- starting May 1, 2008 for eligible 5/1 adjustable-rate mortgages
For details on borrower and product eligibility, underwriting, pricing, and delivery:
View Announcement 08-05
(.pdf, 156K, 9 pages)
View the Jumbo-Conforming Mortgages Product Matrix
(.pdf, 197K, 2 pages)
View information about eligible areas and corresponding loan limits
There will also be a recorded training on how to originate, underwrite, commit, and deliver Jumbo-Conforming Mortgages to Fannie Mae in mid-March.
So if you told your borrower that Jumdo conforming will be ready this month you still to wait and there may be changes along the way.
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