In March of 2008, the United States government raised the conforming and FHA home mortgage loan limits. This emergency economic stimulus package increases the mortgage limits a minimum of 125% of each county's average home price or $729,750, whichever is less.
For many of the counties, the jumbo mortgage limits will continue to be triggered when loan amounts exceed $417,000 because the additional 25% increase they received is still below the conforming/jumbo limit. The new mortgage limits from the home loan congress bill of 2008 were voted into law because the House and the Senate believed that the higher loan limits would help the average consumer find a fixed loan that prevents them from foreclosure. The new jumbo interest rates are still higher than conventional rates, but for many Americans the higher loan limits also mean lower rates, lower payments and the ability to refinance.
At the Jumbo Mortgage Refinance Loan Company, we remain in touch with homeowners like you who need better home refinancing to keep up with the lagging economy. We are an experienced mortgage lender who operates its headquarters in Los Angeles, California but serves homeowners nationally online.