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Linda Stern |
Rules for ‘Jumbo’ Mortgages to Change this YearArticle |
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| Senior Personal Finance Correspondent at Reuters | More buyers in high-cost areas may be motivated to purchase a home before an Oct. 1 deadline when the government plans to scale back the size of “jumbo†mortgages it guarantees in costly real estate markets. On Oct. 1, the maximum loan amount that Fannie Mae and Freddie Mac is set to decrease from $729,750 to $625,500. This might make mortgages more expensive or more difficult to get for buyers in high-cost areas, MSNBC.com reports. | |
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Rules for ‘jumbo’ mortgages to change this year
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