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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?
Response by anonymous
almost 18 years ago

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...

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Response by kgg
almost 18 years ago
Posts: 404
Member since: Nov 2007

I'd like an answer as well. It's come up before and nobody seems to have a clear answer.

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Response by tech_guy
almost 18 years ago
Posts: 967
Member since: Aug 2008

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.

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Response by kylewest
almost 18 years ago
Posts: 4455
Member since: Aug 2007

I have such a mortgage, too. They do exist.

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