HIGHER, NON-JUMBO LOAN AMOUNTS EXTENDED

By
Real Estate Agent with America's 1st Choice RH Realty Co., Inc.

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For those who are considering taking advantage of the $8,000 tax incentive for first-time homebuyers, there is some more good news that could make doing so easier and more accessible.

An extension is now officially in place on the higher loan limits for mortgages in the tier that lies just below what is considered a "jumbo" loan. First established last year, and now extended through the end of 2009, limits on this additional tier provide opportunities for many who are looking to either refi or, better yet, take the plunge into first time home ownership and grab a piece of the highly publicized $8,000 tax incentive.

Here are some key points about this higher loan limit extension, announced by the Fair Housing Finance Agency:

  • The non-jumbo, middle tier of home loans begins at loan amounts greater than $417,000 for single-unit homes.
  • The top end for this tier is $729,750 for single-unit homes.
  • The rates for these loans will again be slightly higher than conforming loan rates, but less expensive than the standard "jumbo" loan rates.
  • This higher limit on the non-jumbo tier is available in 250 counties across the United States.

The above information was provided by courtesy of:

Brian Thomas
Vice-President

Fairway Independent Mortgage Corp.

4070 Bridgewater Pkwy
StowOH  44224-6307

(330) 923-8085

 www.JonWHome.com

 

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Rainmaker
671,888
Sandy Shores FL RealtorĀ®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Jon, Good information - thanks for sharing.  I hope that you are doing well.

Mar 11, 2009 11:20 AM #1
Rainer
132,369
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Sandy - Thanks for commenting on my post.  Things are moving along; I will be getting 3 more listings this month and that will keep me busy.  The trick will be to balance my activity between buyers and sellers.  I hope all is going well with you.

Mar 12, 2009 01:53 AM #2
Rainmaker
564,104
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Jon -- Good to know.  I am starting to work with an upper-end buyer, so this will be good news for them.  Best to you in 2009!  Thanks for the very relevant info.

Mar 21, 2009 07:26 AM #3
Rainer
59,868
Nate Rowe
Oakstone Properties, Homes in Richmond VA - Richmond, VA
Realtor, Homes in Richmond VA

Great info.  I think the tax credit is a great thing.  If they gave every homeowner a tax credit, it might really stimulate the economy.  I wish you the best.

Apr 08, 2009 03:30 PM #4
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Jon Wnoroski

Summit County Realtor
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