The stimulus plan that increased the Jumbo loan limits has left a lot of open questions. Would it help the people in expensive areas such as Bucks, Center City Philadelphia, and Southern Chester County? How about the slow beach home market in Sussex County Delaware? It seems the definite answer is no. No the the entire state of PA.
This is not the best of news for many in the business who were counting on this to help the market (stimulus=stimulate the market here too). And for the homeowners who were hoping to refinance to a lower rate, they are have to be disappointed as well. We all are.
The new Jumbo limits are 125% of the median home prices as shown here:
http://www.realtor.org/Research.nsf/files/MSAPRICESF.pdf/$FILE/MSAPRICESF.pdf
Christine Bell, CRMS
Sr. Loan officer
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