new conforming loan limits
Started by johnjim
almost 18 years ago
Posts: 28
Member since: Feb 2008
Discussion about
Has anyone applied for a loan from $417,000 to $625,000 on a coop recently? Are the banks honoring the new limit on conforming loans so that a $625,000 loan gets a 6% or slightly lower rate as opposed to the jumbo rate which is 100 basis points higher?
Someone posted in this website yesterday that the "conforming jumbo" ($417,000 to $729,750) does not apply for co-op's and you can only get the 6% or lower rates for co-op's at $417,000 and lower...
I guess Freddie/Fannie won't accept them...although "conforming jumbo's" have been having problems on their own even on apts and houses...
I'd like an answer as well. It's come up before and nobody seems to have a clear answer.
When "agency conforming" was first introduced, coops were excluded. About 2-3 months after, they added coops to the mix. So yes, coops count as agency conforming. Now, I don't know what current rates are, but "agency conforming" is still slightly higher than regular conforming (but much lower than jumbo). There are hidden fees at this special level that are baked into the rate.
I have such a mortgage on my coop.
I have such a mortgage, too. They do exist.