New Conforming Loan Amounts for High-Cost New Jersey Markets
March 22nd, 2008 by Martha McDonnell
Most national banks started offering the new conforming loan amount of $729,750 this week.
The following New Jersey counties are eligible: Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union.
The rates being offered are slightly lower than jumbo and slightly higher than the conforming amount of $417,000.
As it stands, these loans are offered as a 30-year fixed or 5/1 ARM and are said to expire on December 31, 2008. The National Association of Realtors has been lobbying for an increase in conforming loan amounts since 2005 for high-cost markets and are actively petitioning that the new cap amount is extended into 2009.
