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.
|Brock Development scores loan, breaks ground on Palm Beach Gardens hotel|
|The Weekly Dish: Bocce Bar’s space to become Skorpios restaurant & more|
|South Florida construction starts spike in January: report|
|Can a startup Miami brokerage make the flat-fee model work?|
|General Growth Properties raises its ownership stake in Miami Design District|