Why the bump in jumbo loan amounts hasn’t worked
When the conforming loan limits were raised to accommodate more jumbo loans, it was thought that it would spark home sales activity in higher-priced areas, but that hasn’t quite done the trick. A CNNMoney.com story examines why: When the housing crisis hit last summer, it became very hard for borrowers to land the jumbo loans they needed to buy homes in high-priced areas, like California and New York. So as part of the Economic Stimulus Act, Congress tried to get funds for jumbo loans flowing
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Tags: Borrower, California, Home, Loan, Money