Mortgage experts say that lenders will soon begin making loans between $625,500 and $729,750 in high-cost housing markets now that Fannie Mae and Freddie Mac have issued underwriting standards.
Starting May 4, Fannie Mae and Freddie Mac say they'll start buying loans up to the new conforming-loan limit of $729,750 from mortgage lenders.
As more lenders originate loans in this jumbo range, the rates on them should begin to fall. It remains to be seen, however, how much they'll drop.
Source: San Francisco Chronicle, Kathleen Pender (04/23/09)© Copyright 2009 Information Inc.
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April 27, 2009
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