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Quicken Loans Raises Conventional Loan Limi...
Livonia, MINovember 18, 2004 - Quicken Loans, the nations leading online lender, is immediately raising its conforming (conventional) loan limit to $360,000, enabling home buyers to get more for their money without paying a premium for jumbo rate mortgages.Conforming mortgages carry interest rates that are as much as apercent lower than non-conforming jumbo mortgage rates.This $26,299 increase in the single-family loan amount will allow more homebuyers to qualify for lower-rate conventional mortgages. Because conforming loans are guaranteed by the housing agencies Fannie Mae and Freddie Mac they carry lower mortgage rates.Each year the agencies adjust the conforming loan limits, based on average annual increase in home price the previous year.This announcement
posted by Gregory Hepburn at 4:11 AM
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