| With the housing and mortgage markets in peril, the | | | | The newly increased limits set by HUD range from |
| jumbo loan is on the brink of extinction. Many lenders | | | | $417,500 to the highest of $793,750 in Honolulu, Hawaii. |
| who offered jumbo loans have ceased doing business | | | | Other limits have been temporarily raised for two, |
| and many lenders that once offered jumbo loan | | | | three and four family using the same calculation. |
| programs have pulled them off the table. Purchasing a | | | | With the changing of underwriting guidelines, many |
| home using a jumbo loan is hard enough today, getting | | | | homeowners and would be homeowners are |
| approved on cash out or debt consolidation jumbo | | | | frustrated from being turned down with their jumbo |
| mortgage loan refinances is even tougher. Fewer | | | | loan applications. There are manyhomeowners who |
| lenders today offer jumbo loans than ever before | | | | need to get approved for cash out jumbo loans and |
| leaving many buyers with few choices when it comes | | | | were literally laughed at by some lenders. Being turned |
| to jumbo loans. One bit of relief came from the | | | | down on a mortgage loan is no laughing matter. |
| economic stimulus act of 2008 but it is only temporary | | | | Despite the financial crisis and the tightening of credit |
| and provided the home loan falls within the H.U.D. | | | | guidelines there are solutions for those needing jumbo |
| calculation. | | | | loans. There are proven steps that borrowers should |
| On March 6, 2008, H.U.D. published new FHA loan limits | | | | take which will improve the terms, conditions and |
| and GSE loan limits based on the median prices of | | | | pricing of a jumbo loan as well as increasing the |
| homes as mandated by the Economic Stimulus Act | | | | chances of approval. A seasoned mortgage expert |
| signed at the end of February by President Bush. The | | | | knows what's needed for a loan approval and can |
| new loan limits are based on 125% of the HUD | | | | help you through the loan process to a happy ending. |
| published median prices and are temporary. The new | | | | The first step is to contact a mortgage expert who is |
| loan limits are temporary and are scheduled to go | | | | familiar with jumbo loans and the current jumbo loan |
| back to the previous limits of $417,000 after 12/31 | | | | lending guidelines. An experienced mortgage expert |
| 2008. | | | | can guide you through the application process and help |
| Until December 31, 2008, the GSE or conforming loan | | | | you get approved for the jumbo mortgage loan that |
| limits have been raised up to a maximum of $729,750. | | | | you need. |