14 March 2008

Initial FannieMae Guidelines for “Jumbo” Conforming Loans

Posted by ericchristensen under: Uncategorized; Buying a Home; Housing Recovery .

More and more information is coming out on the higher conforming loans instigated by Congress as part of the Economic Stimulus Package.  FannieMae has a detailed outline available as a .pdf.  Listed below is a summary of the Eligible Products, Purpose and Occupancy Requirements:

Products
*       15-, 20-, 30- and 40-year fixed-rate, fully amortizing mortgages (no balloons)
*       30-year fixed-rate mortgages with 10-year interest-only periods
*       Fully amortizing 5/1 adjustable-rate mortgages (ARMs)
*       5/1 ARMs with 10-year interest-only periods
Purpose
*       Purchase
*       No cash-out refinance
*       Cash-out refinances for primary residence only
Occupancy
*       1-unit primary residences, including condos and PUDs
*       1-unit second homes
*       1-unit investment properties

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