I wanted to pass along some important information that you may or may not have heard. This is prevalent to people who are currently looking to refinance or purchase a home as a Jumbo loan. For single-family homes $417,000 has been the maximum loan amount for a “conforming” mortgage, but the recent economic stimulus plan has temporarily increased these limits. This means you can get a “Conforming” program on what used to be a Jumbo loan. The maximum loan amount you can borrow under this stimulus plan depends on the county that you live in.Here are the new loan limits by county:
Massachusetts:
Barnstable - $462,500
* Berkshire, Franklin, Hampden,
Hampshire, Worcester - $417,000
* Bristol - $475,000
* Dukes, Nantucket - $729,750
* Essex, Middlesex, Norfolk,
Plymouth, Suffolk - $523,750
Almost every lender has incorporated these limits for now and as of Friday 5/9/08, most have lowered their rates and well.
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