Wednesday, March 2, 2011

Super Conforming Mortgages

According to Freddie Mac's website, super conforming mortgages are mortgages originated using higher maximum loan limits that are permitted in designated high-cost areas.

These higher loan limits are intended to provide lenders with much-needed liquidity in the highest cost areas of the country, while also lowering mortgage financing costs for borrowers located in these areas.
If you are planning on purchasing a home that requires a super conforming loan, also known as a jumbo loan, now is the time to buy! These "temporary" high cost area loan amounts will remain unchanged until September 30, 2011. The current loan limit for a single family residence is $729,750. For mortgage loans originated after September 30, 2011, revised “permanent” high-cost area limits will apply.

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