A little reminder for everyone: until the end of this calendar year (2008), the FHA insured loan limit for “Jumbo” Conforming Rate will remain at $729,750; but starting in 2009, that limit will change permanently to $625,000.
This means for whatever reason, if you have to buy this year, then it will be the last opportunity for you to participate in this special program and be permitted to borrow up to over ¾ of a Million dollars to purchase your home. Remember, any amount above and beyond the conforming rate limit will be more difficult for most borrowers to obtain and will come with significantly higher interest rates, so if you must buy, then it will be a great chance for you to buy now.
Steve Mun, Silicon Valley Realtor
www.stevemungroup.com
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