Jumbo Mortgage Limits to Rise

Posted February 7, 2008

Charlotte Jumbo Mortgages

Loan Limits Rise

Charlotte Jumbo Mortgages

Both the Senate and House have passed the economic stimulus plan, which includes an increase in Conforming Mortgage Loan Limits to $625,000 through December 31, 2008. President Bush should sign this bill by early to mid next week and many hope that conforming loan limits will increase immediately. Others assume it will not go into effect until July. Either way, the limits will increase and they do we will let you know.

Unfortunately, FHA Mortgage Reform was eliminated from the bill and there are no permanent FHA loan limit changes. However, since FHA loan limits are a function (or percentage) of conforming loan limits we should see a temporary increase in FHA loan limits.

This is great news for the Charlotte mortgage market! Borrowers with loans between $417,001 and $625,000 could qualify to refinance their jumbo mortgage loans into new mortgages without the jumbo mortgage rate hits! Add that to the best mortgage rates in Charlotte already avalible, and jumbo home owners can really make out!

At the same time, more people buying Charlotte real estate could qualify for low FHA mortgage rates! And with the low mortgage insurance rates offered by FHA, a whole new group of home buyers can enjoy the best Charlotte FHA mortgage loans ever!

If this news affects you, get qualified Now for the better programs coming! Once they are in place, you can be among the first to refinance your Charlotte Jumbo Mortgage Loan or buy your home with the new Charlotte FHA Mortgage Loans!

Apply Online or call 704-651-8704

Charlotte Jumbo Mortgage Loan Limits Increase!

Charlotte FHA Mortgage Loan Limits Increase!

Update: Well, it seems that politicians in their infinite wisdom have made some changes to the final draft of this bill. Based on some of what we are seeing right now, Charlotte may not benefit from this jumbo loan limit increase after all. Some areas in the country will see limits increase to over $700,000! But since Charlotte is still such a strong market, we may not see the increases once thought. Once the President signs this into law, and the legal eyes of all the lenders finally get done, we will see how this impacts Charlotte jumbo loans. However, jumbo rates are near an all time low, so it is still a fantastic time to refinance your jumbo loan, or purchase that dream home you have been wanting! As soon as further information becomes available, I will pass it on to you.