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:
Fairway Independent Mortgage Corp.
4070 Bridgewater Pkwy
Stow, OH 44224-6307