San Mateo County is a high-cost area? Surprised? Me either. Fannie Mae gets it too.
High-cost is a technical term <smirk> that’s been calculated based on the median price of homes in a given Metropolitan Statistical Area (MSA).
Last year a temporary high-limit loan called the jumbo-conforming was implemented. We were hoping that the product would become permanent and off to lobby Realtors went. It was not to be – it expired.
Then The Housing and Economic Recovery Act of 2008 brought the high-loan limit back to life. We’ve been waiting for months for it to actually become available to buyers. We thought March was the magic month but…
We had to wait for Fannie to give the green light – which they just did. Now word is that Wells Fargo is “retooling” their computers to roll it out. No date has been given but we’re closer.
There are restrictions so be sure to talk with your mortgage broker to see if you qualify.