Friday, February 29, 2008
The Big Leap In Jumbo Loans
The less publicized second part of the recently signed Economic Stimulus Package includes a temporary jump(from July through December) in Jumbo home loan limits from from the current $417,000 to about $600,000 in the NY Metro area.
According to the NY Times:
...the Department of Housing and Urban Development will multiply the median sales price for the area by 125 percent. The National Association of Realtors says the area’s median is now $476,100. HUD could use a different source or a combination of sources to determine its median figure. In any case, the agency said it would announce its decision next month.