Forum Archive

Hi, As some of you already know, the 417k limit on conforming loans has recently been increased to 729k in high-priced areas. This means a loan of 729k is no longer considered Jumbo, thereby lowering the rate to that of (or near) a traditional conforming rate. As of today, co-ops are not eligible for this, and are held to the previous rules of anything above 417k being considered Jumbo.
I’ve heard conflicting things from mortgage brokers and banks about this, so I’m wondering if anyone has had experience with this as of yet. One broker told me that this will become available for co-ops this months, others have said it’s already available from some banks (I have no proof yet), and others have said it’s not happening at all. Does anyone have any more insight? The Jumbo rates are about 1 point higher right now, so it’s a significant savings. Thanks.