This was just announced today, the feds have raised the cap on VA jumbo loans! this is a bright spot! and we can only hope the feds follow with adjustments for the loan limits for Fannie Mae.
Daily Real Estate News | August 30, 2007
Ginnie Mae Eliminates Jumbo Cap on VA Loans
Beginning Sept. 1, the Government National Mortgage Association, known as Ginnie Mae, will eliminate its $417,000 cap on the VA loans it will guarantee.
"We expect this change will expand the availability of low-cost financing and increase homeownership opportunities for America’s veterans, particularly in high cost areas, by encouraging lenders to make more VA loans," says Michael J. Frenz, Executive Vice President of Ginnie Mae.
Ginnie Mae continues to require that the down payment, plus the amount of the VA guaranty, equal at least 25 percent of the value of the home.
Source: The Associated Press (08/29/2007)
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