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Are Jumbo Conforming available yet?

By
Mortgage and Lending with 2 Blue Chip Professionals, LLC

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.