Fed sees hope for jumbo loan market

photo credit: blairstirrett
For those of you hoping to purchase a home using a jumbo loan (loans over $417,000) Federal Reserve Chairman Ben Bernanke announced today that he sees promise, for this market, in the recent economic stimulus plan passed by Congress.

While there may still be a certain amount of push back for letting Fannie Mae and Freddie Mac purchase and guarantee these loans, because they won’t be traded on the secondary market, Bernanke believes they can sell a number of bonds backed by the loans.

Read more about Bernanke’s comments here.