It is important to take note that the list is for the high cost areas and that the temporary jumbo conforming loan limits apply to loans originated from July 1, 2007 to December 31, 2008.
The 2008 conforming loan limit of $417,000 remains in place everywhere else. Meaning if you are not on the list you are still at $417,000. (Sorry Scottsdale)
Jumbo Conforming Loan FNMA Announcement (In Loan Officer Lingo)
Some key things to take note of
*75% max LTV r/t w/ 660 FICO
*NO CASHOUT
*45 DTI
*Can be originated as of March 1st 2008 and delivered to FNMA by April 1st for fixed loans and May 1st for adjustables)
Get to the Wall Street Journal Article through ml-implode
March 9, 2008 at 7:32 am |
Did you see the executives from the lenders testify at the House finance committee hearing Friday? It was hilarious hearing Angelo Mozilo (Countrywide founder) explain how he needed the company to pay for his wife to travel with him, even though he is a billionaire. She sold short $250 million worth of his company’s stock shortly before it tanked. Those fools need to be prosecuted.