New Conforming Loan Amounts for High-Cost New Jersey Markets

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.

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