The Real Deal Miami

Jumbo loan borrowers out of housing plan

February 24, 2009 11:36AM

Borrowers whose loans are too big to qualify for government support are finding themselves left out of President Barack Obama’s housing stability plan. The plan deals primarily with middle-income people, whose home loans run as high as $729,750 in the most expensive housing markets, including New York. Any larger loans, which are called jumbo loans, are too big to be guaranteed by Fannie Mae or Freddie Mac, making many lenders reluctant to offer or refinance these loans.