New Jumbo Mortgage Loan Stimulus Package 2008

Expires 12/31/2008

 

About the new stimulus package

As authorized by the Economic Stimulus Act of 2008, HUD has temporarily increased the maximum loan amount to serve more borrowers in many high-cost areas, The lowest mortgage rates were only available for loans up to $417,000 until the act was passed to increase this to $729,750. This will benefit those that have a loan amount over $417,000 and under $729,750 by enabling them to refinance into more favorable terms that did not exist prior to the Stimulus Act of 2008.

 

Some quick facts about the jumbo mortgage loan program

• Fixed rates have been temporarily reduced by more than 2%

• No pre-payment penalty

• 5/1 ARM available in the low 5's

• No negative amortization

• Fully amortized 30, 20, and 15 year terms

• interest only is available

Who is offering this program?

Not all mortgage lenders offer this stimulus program. To find out which lenders are authorized in your area simply call 800-486-0204.

 

How does this benefit you?

Fixed mortgage rates have been lowered by more than 2% in high cost areas under a temporary federal stimulus package to allow those in these areas to refinance or purchase a home at a reduced interest rate. This means that you may be able to get a 30 year fixed rate mortgage in the 5's. If you have a mortgage under $729,750 and are in a high cost area, you may be able to take advantage of this temporary incentive to make financing affordable. For full details call the number below:

 

 

Call the number above to see if you are in a high cost area, get details, and check the current mortgage rate on this temporary jumbo stimulus program.

 

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