mortgages :: FHA Jumbo Loans

FHA Loans up to $729,750!

On March 6, 2008, FHA Jumbo loan limits temporarally increased to $729,750 - giving homebuyers and homeowners an unprecedented opportunity to take advantage of this powerful program. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790.

The Economic Stimulus Act of 2008 permits loans on amounts up to 125 percent of the area median house price, when that amount is between the national minimum ($271,050) and maximum ($729,750). The new minimum and maximum loan limits are based on 65 percent and 175 percent of the conforming loan limits for Government-Sponsored Enterprises in 2008, which is $417,000.

If you are pursuing a cash-out refinance and the loan balance exclusive of FHA’s upfront mortgage insurance premium will exceed $417,000, the loan-to-value may not exceed 85 percent of the appraiser’s estimate of value.

In January 2009, FHA's maximum loan limit will return to $362,790, - so call Mid-Island Mortgage Corp. now!

The Mid-Island Mortgage Corp. difference.

What separates Mid-Island Mortgage Corp. from everyone else is our solid track record and proven stability since 1959. Mid-Island Mortgage Corp. is your personal mortgage banker, regardless of trends and market cycles. While many of the new players to the home mortgage field have abandoned the community, chasing the next "hot market" to take advantage of, Mid-Island Mortgage Corp. is still happily serving you, your family and your neighbors.

Our commitment to the thousands seeking the dream of home ownership is one of the many reasons we say "you always have a home with us!"