mortgage financing and programs

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Jumbo Mortgages Making a Comeback

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Obtaining a Jumbo Mortgage has been difficult since the credit crisis gripped the banking industry last fall. A jumbo mortgage is one that exceeds the conforming loan limit for government backed securities. In most of the country the limit is $417,000, but goes up to $729,750 in high-cost areas. Lenders have been hesitant to issue jumbo mortgages. Only borrowers with excellent credit have been lucky enough to get a jumbo mortgage recently, and even those have been at high costly rates. Things are about to change. Recently Bank of America has begun pushing its jumbo loan program. At the end of April the Bank of America and Countrywide merger will be complete and that will further expand the BoA offerings of jumbo mortgages. Other lenders such as GMAC are following suit with aggressive pricing of jumbos. Availability of jumbo mortgages is increasing.

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