New York (PRWEB) March 5, 2008
Refinance.com, the nation's premier source for residential mortgage refinancing, has announced new higher mortgage loan limits up to $729,750 for a single family home, stated Nicholas Bratsafolis, chairman and CEO of Refinance.com. The company is taking the lead nationally in refinancing for homeowners by immediately adopting the new conforming and FHA loan limits and is accepting mortgage refinance applications up to these new limits immediately.
"Borrowers all over the country can take advantage of these new higher loan limits, particularly in high cost areas. These new higher loan limits provide breathing room for homeowners who have jumbo mortgage loans and have recently been shut out of the refinancing market. We urge all homeowners with adjustable rate mortgages, or loans over $417,000, to contact their lenders and inquire about refinancing programs before these limits expire," said Mr. Bratsafolis.
Previously, the loan limit had been $417,000 for conventional conforming single family mortgages, and $362,790 for FHA insured single family mortgages. Loans above the previous limit are regarded as "jumbo" mortgages which carry a higher interest rate. The Federal stimulus package signed by President Bush in early February raises conventional and FHA loan limits to $729,750, in large measure to stimulate home sales and refinancing in high-cost areas such as California, Connecticut, Massachusetts, New York, and the Washington, DC area. The FHA loan limit for other "high-cost" areas in the lower-48 states will also rise to $729,750, more than twice as much as the old loan limit of $362,790. Refinance.com is now accepting loan applications for the new limits, which are set to expire on December 31, 2008.
Through FHA refinancing programs provided by Refinance.com, many homeowners will be able to refinance with long term fixed rate mortgages, not previously available. FHA Insured fixed rate mortgages can relieve the uncertainty that many Americans have faced with the possibility of foreclosure, as monthly variable mortgage costs rise to high levels. Refinance.com also offers borrowers the most comprehensive refinancing programs for their homes under both conventional and FHA programs. The company has taken the lead in all FHA refinancing programs by assisting borrowers through the establishment of an FHA hotline at http://www.FHAHotline.com or by phone at 1-888-FHA-1776.
About Refinance.com: Refinance.com is one of the nations leading mortgage companies with nearly twenty years of mortgage refinancing expertise. The company has assisted thousands of clients reach their home refinancing goals through its diverse range of mortgage and refinancing options, and specializes in FHA mortgage lending. Founded in 1989, Refinance.com is based in New York City with offices in Syosset, NY and Boca Raton, FL. More information including mortgage rates and mortgage calculators is available at http://www.refinance.com.