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End of July is last chance to lock in Super Conforming Loan as high as $729,750 in our NJ towns!

by: Sue Adler
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Super Conforming Loan Limits Set to Expire September 30

In the midst of the 2008 and 2009 recession, FNMA and FHA loan limits were raised as high as $729,750 in our area to accomodate a struggling housing market and economy.  As of September 30 these higher loan limits will expire. The new maximum high balance FNMA and FHA loan limit for our area will be $625,000.

Thinking ahead: If you are a home buyer in that price range,  the latest you can lock a loan rate for 60 days with the old loan limits will be the end of July.

This is also important for Sellers to take note of, as it totally changes a buyer’s buying power and is more reason for you to get your house sold now if you are in the $800’s to low $1M’s  range.

Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Monday, 11th July, 2011:
  Term Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
5/1 ADJUSTABLE 360 3.250% 3.408% $4.35 3.375% 3.455% $4.42
7/1 ADJUSTABLE 360 3.750% 3.912% $4.63 3.875% 3.957% $4.70
10/1 ADJUSTABLE 360 4.250% 4.417% $4.92 4.250% 4.334% $4.92
5/1 SUPER JUMBO 360 3.500% 3.660% $4.49 % 0.000% $0.00
7/1 SUPER JUMBO 360 3.875% 4.038% $4.70 % 0.000% $0.00
10/1 SUPER JUMBO 360 4.375% 4.543% $4.99 % 0.000% $0.00
15-Yr. fixed 180 3.875% 4.167% $7.33 3.990% 4.137% $7.39
30-Yr. fixed 360 4.625% 4.796% $5.14 4.750% 4.836% $5.22
FHA 30 Yr fixed 360 4.500% 4.670% $5.07 4.500% 4.585% $5.07

Courtesy of Steve Lupton Loan Officer ISB Mortgage Co., LLC Phone: 908-591-4235 Fax: 908-248-9700 

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