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Real Estate
The Real Estate Adviser |
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January 2, 2003
Loan ceilings rise
Many home loan borrowers had been eagerly waiting for the calendar to flip to 2003 so that they could take advantage of the new conventional loan “ceilings” adopted by the two key players in the secondary mortgage market.
On January 1, Freddie Mac and Fannie Mae expanded their loan limit for single-family mortgages to $322,700 from $300,700. The move enables potential home buyers and refinancers to borrow more money at lower interest rates. Amounts greater than $322,700 (formerly $300,700) are classified as “jumbo” loans that carry a slightly higher interest rate.
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Previous columns:
- Home-and-loan stories you may have missed, 12-26-2002
- 10 most-preventable homeowner claims, 12-19-2002
- Loan refi settlement leaves couple hurting, 12-12-2002
- Holiday visitors? Think about 'parent-proofing', 12-05-2002
- SIOR economist sees low rates continuing, 11-29-2002
- Agent paid for lockbox that led to her arrest, 11-21-2002
- Take time to learn property’s potential, 11-14-2002
- 'Equity skimming' and other lender scams, 11-07-2002