New Limits to Benefit Borrowers Across the Country and in High Cost Areas through December, 2008 NEW YORK, March 4 /PRNewswire/ -- Refinance.com, the nation's premiersource for residential mortgage refinancing, has announced new highermortgage loan limits up to $729,750 for a single family home, statedNicholas Bratsafolis, chairman and CEO of Refinance.com. The company istaking the lead nationally in refinancing for homeowners by immediatelyadopting the new conforming and FHA loan limits and is accepting mortgagerefinance applications up to these new limits immediately. "Borrowers all over the country can take advantage of these new higherloan limits, particularly in high cost areas. These new higher loan limitsprovide breathing room for homeowners who have jumbo mortgage loans andhave recently been shut out of the refinancing market. We urge allhomeowners with adjustable rate mortgages, or loans over $417,000, tocontact their lenders and inquire about refinancing programs before theselimits expire," said Mr. Bratsafolis. Previously, the loan limit had been $417,000 for conventionalconforming single family mortgages, and $362,790 for FHA insured singlefamily mortgages. Loans above the previous limit are regarded as "jumbo" mortgages whichcarry a higher interest rate. The Federal stimulus package signed byPresident Bush in early February raises conventional and FHA loan limits to$729,750, in large measure to stimulate home sales and refinancing inhigh-cost areas such as California, Connecticut, Massachusetts, New York,and the Washington, DC area. The FHA loan limit for other "high-cost" areasin the lower-48 states will also rise to $729,750, more than twice as muchas the old loan limit of $362,790. Refinance.com is now accepting loanapplications for the new limits, which are set to expire on December 31,2008. Through FHA refinancing programs provided by Refinance.com, manyhomeowners will be able to refinance with long term fixed rate mortgages,not previously available. FHA Insured fixed rate mortgages can relieve theuncertainty that many Americans have faced with the possibility offoreclosure, as monthly variable mortgage costs rise to high levels.Refinance.com also offers borrowers the most comprehensive refinancingprograms for their homes under both conventional and FHA programs. Thecompany has taken the lead in all FHA refinancing programs by assistingborrowers through the establishment of an FHA hotline at
Refinance.com Announces New Higher Mortgage Loan Limits to $729,750
March 05, 2008, 10:26 p.m. EST 2 Min Read
