Treasury report advocates slashing GSE jumbo loan ceiling

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Recommendation: The Secretary of the Treasury should direct the Deputy Assistant Secretary for Small Business, Community Development & Housing Policy to consider the options that stakeholders have suggested for how CRA is implemented outlined in this report–such as revising the lending and service tests, expanding CRA to include all bank affiliates and nonbanks, expanding assessment areas.

Qualifying for a Jumbo Loan (How Can I Get a Jumbo Mortgage with Competitive Jumbo Mortgage Rates?) For most jumbo loans and great jumbo mortgage rates, applicants must have a great credit score (700 or higher), their debt-to-income ratio must equal out to 43 percent or less, and they must have six to twelve months of payments in reserve.

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The red tape savings line is line is easy to say; harder to calculate. Indeed the Productivity Commission’s 2011 Report on Identifying and Evaluating Regulatory Reforms has a 41-page Appendix devoted.

The report advocated a return to 2006 levels when the fha loan ceiling topped out at $362,790. The Treasury report also said lowering conforming loan limits on jumbo mortgages and requiring a 10% down-payment for GSE loans will eventually ease the mortgage market back to the private sector while containing systematic risks.

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21 The debate about the source of the liquidity advantage is noted in the U.S. Treasury’s report on Fannie and Freddie: “In comments provided to the Treasury, We choose jumbo loans that are less than twice the GSE loan limit but greater than $20,000 over that limit.

How much they will be hurt depends on how good their credit is (and amount of real equity in the home). I obtained a non-GSE (jumbo) loan with 25% down, and am only paying about 25-40bps higher than the then going rate for GSE backed debt. 30-year, non-GSE, jumbo financing for 5.15%.I’m not crying, and don’t feel fubar’ed.

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U.S. Treasury. lowering the ceiling for loans that Fannie Mae and Freddie Mac can insure. The cap on those conforming loans is scheduled to drop from $729,750 to $625,500 on Oct. 1 if Congress.