Jumbo Mortgage cutoff in NYC

Technically yes, but the banks aren't treating them like conforming. They classify them as large conforming and are very scared of them.

Whats the rates now on 30 year fixed jumbo vs. non-jumbo. And whats the official jumbo cut-off in NY. Also I went on BoA website and it seems like they jack up the interest rates about 2% if you put in that you are buying a coop and not a single family house. But on manhattan mortgage the rates were in the 5.76% range. Any thoughts?

There are 3 categories right now. Regular conforming up to 417k. Jumbo conforming up to 625,500 (not 729,750 yet but should be any day now). And anything above the 625,500 is considered jumbo.

As far as rates on the web, you cant go off web advertised rates as there are many factors that go into what rate someone gets. Yes, single family vs coop or condo can be different. Banks treat condos and coops as higher risk, so does Fannie. Thats why they added a premium for conforming loans financing more han 75%.
sunny_hong@countrywide.com

It is 729k with the passing of the stimulas package.

While the stimulus package authorized Fannie to raise the conforming loan limit to 729k in certain markets, Fannie has not yet done so. They are still working through the details. I've been told that the new limit should be in place within the next 60 days, but only time will tell.

Note the recent press release from Fannie on this subject: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0908.pdf