More and more information is coming out on the higher conforming loans instigated by Congress as part of the Economic Stimulus Package. FannieMae has a detailed outline available as a .pdf. Listed below is a summary of the Eligible Products, Purpose and Occupancy Requirements:
Products
* 15-, 20-, 30- and 40-year fixed-rate, fully amortizing mortgages (no balloons)
* 30-year fixed-rate mortgages with 10-year interest-only periods
* Fully amortizing 5/1 adjustable-rate mortgages (ARMs)
* 5/1 ARMs with 10-year interest-only periods
Purpose
* Purchase
* No cash-out refinance
* Cash-out refinances for primary residence only
Occupancy
* 1-unit primary residences, including condos and PUDs
* 1-unit second homes
* 1-unit investment properties
30 year fixed rate mortgages economic stimulus package eligible products fanniemae fixed rate mortgages
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