Conforming loan rates in Park City Utah Increase to National Maximum

Park City Home Loan Limits Increase

March 16th, 2008 Categories: Real Estate, Statistics & Trends, Utah Facts and Fiction

Park City Home Buyers Rejoice…

The Economic Stimulus Act of 2008 Makes Borrowing Less Expensive! Because the Park City, Utah area qualifies as a “high-cost” area, it received the maximum allowable increase under the new stimulus plan.

The New “Conforming” Loan Limits Expire December 31st

Between April 1st and December 31st, 2008 FHA, Fannie Mae and Freddie Mac “Conforming” loan limits in Summit County will be raised to $729,750. In nearby Wasatch County, the “Conforming” limits were raised to $431,250.

This should open the door for Park City Home buyers to purchase or refinance their properties at “Conforming” loan rates, as opposed to paying “jumbo” loan rates. In recent weeks, jumbo loans have carried about a one point premium in rates over conforming loan products.

This is good news for buyers, as the “Mortgage Crisis” has made real estate financing more difficult and more expensive in recent months. Here are the new FHA Mortgage Limits for every county in the USA.

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This entry was posted on Sunday, March 16th, 2008 at 6:45 pm and is filed under Real Estate, Statistics & Trends, Utah Facts and Fiction. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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