1. Increase conforming and FHA Loan Limits
2. Higher loan to value ratio
3. Even if your value has fallen, you may now be able to qualify for a FNMA loan at rates far below current market or past Jumbo rates.
4. Borrowers who currently have a loan between $417,000 and $625,000, and possibly up to $729,750 can likely refinance and get a great, low, confroming loan program.
WASHINGTON (AP) - The government on Wednesday raised the mortgage limits for loans guaranteed by the Federal Housing Administration in 14 high-cost California counties.
The Department of Housing and Urban Development released the new loan limits for California. The limits, with the maximum at $729,750, are derived from median home prices in each county.
HUD is expected to raise the limits in other counties nationwide in the coming days. The economic stimulus package includes a temporary increase in the limit on FHA-backed loans, from $362,790 to as high as $729,750 in expensive areas, to let more homeowners with high-rate subprime mortgages refinance into federally insured loans.
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