New Higher Mortgage Loan Limits to $729,750
Monday March 10, 6:30 am ET
New Limits to Benefit Borrowers Across the Country & in High Cost Areas through December, 2008
Silver Spring MD, March 10 -- Fairland Mortgage LLC, the county's premier source for residential mortgage refinancing, has announced new higher mortgage loan limits up to $729,750 for a single family home, stated Terence Edwards, chairman and CEO of Fairland Mortgage LLC. The company is taking the lead statewide in refinancing for homeowners by immediately adopting the new conforming and FHA loan limits and is accepting mortgage refinance applications up to these new limits immediately.
"Borrowers all over the country can take advantage of these new higher loan limits, particularly in high cost areas. These new higher loan limits provide breathing room for homeowners who have jumbo mortgage loans and have recently been shut out of the refinancing market. We urge all homeowners with adjustable rate mortgages, or loans over $417,000, to contact us and inquire about refinancing programs before these limits expire," said Terence Edwards.
Previously, the loan limit had been $417,000 for conventional conforming single family mortgages, and $362,790 for FHA insured single family mortgages. Loans above the previous limit are regarded as "jumbo" mortgages which carry a higher interest rate. The Federal stimulus package signed by President Bush in early February raises conventional and FHA loan limits to $729,750, in large measure to stimulate home sales and refinancing in high-cost areas such as California, Connecticut, Massachusetts, New York, and the Washington, DC area!! The FHA loan limit for other "high-cost" areas in the lower-48 states will also rise to $729,750, more than twice as much as the old loan limit of $362,790. Fairland Mortgage LLC is now accepting loan applications for the new limits, which are set to expire on December 31, 2008.
Through FHA refinancing programs provided by Fairland Mortgage LLC, many homeowners will be able to refinance with long term fixed rate mortgages, not previously available. FHA Insured fixed rate mortgages can relieve the uncertainty that many Americans have faced with the possibility of foreclosure, as monthly variable mortgage costs rise to high levels. Fairland Mortgage also offers borrowers the most comprehensive refinancing programs for their homes under both conventional and FHA programs. The company has taken the lead in all FHA refinancing programs by assisting borrowers through the establishment of an FHA hotline at http://www.fairmtg.com/fha.htm or by phone at 1-877-999-3725 x342(FHA)
How this benefits You?
What this means to You:
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Homeowner
(Refinance)
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FirstTime Home Buyer
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Move Up Buyer
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Easy Credit Guidelines
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Easy Credit Guidelines
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Easy Credit Guidelines
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Low Fixed Rate
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Low Fixed Rate
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Low Fixed Rate
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Low Monthly Payment
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Low Monthly Payment
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Low Monthly Payment
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Change A.R.Ms to Fixed
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No/Little Money Down
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No/Little Money Down
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Low Rate on Jumbo mtg
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Down Payment Assist. OK
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Down Payment Assist. OK
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Roll1st+2nd mtg
into1 affordable payment
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Buy a home with
payments you can afford!
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Buy a home with
payments you can afford!
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CLICK HERE if you are ready to refinance before your next mortgage payment!
OR
CLICK HERE if you want to buy a home with little or no money down within the next 30 -90 days! |
