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Good News for Agency Jumbo Conforming Financing- Stimulating the Bay Area P
2008-05-13 01:43:00 Late last week lenders began pricing the new “Jumbo Conforming” loans as if they were the same as the usual Conforming loan. The “Conforming Loan”- Is a loan up to $417,000 that was the standard before the economic stimulus package was introduced earlier this year. The “New Jumbo Conforming”- is a loan limit that is $417,001-$729,750 scheduled ...
New conforming loans are not helping the housing market
2008-05-01 17:19:00 We talked about this even before Congress passed the new law and now we are seeing that we were right. The new conforming loans that increased the limit to up to 730K in some areas are not widely available and the interest rates are not even close to the ones offered to loans under 417K. According ...
By: National Bubble
Freddie Mac makes a move to stabilize the conforming-jumbo loan product
2008-04-22 03:03:00 In the news late last week, Freddie Mac makes a move to stabilize the conforming-jumbo loan product, by guarantying 90 day forward commitments to 4 big loan players. This should trickle down to mid-sized mortgage bankers as well, through their correspondent channels.Freddie Mac said Thursday that it will guarantee 90-day, forward-delivery pricing on “conforming jumbo” ...
Freddie joins Fannie in purchasing ?conforming jumbo?s?
2008-04-20 23:29:00 This is a couple of days old - and I’ve received several emails as to why I haven’t blogged about it yet. The answer is that while the news of the GSE picking up jumbo conforming loans is, in fact, news, the bigger story is that there hasn’t been much of an appetite for ...
Eliot Spitzer and Making Sense of the New Conforming Loan Limits
2008-03-18 20:07:00 If you’re Eliot Spitzer, probably three feelings come to mind: panic, disorientation and regret. But if you’re a potential home buyer in the Peninsula region of California, you have good reason to feel excited, encouraged and confident! Why? If you read my last post last month, you know that the conforming loan limits for many ...
New Conforming Loan Limits
2008-03-15 15:32:00 The conforming loan limits for loans funded by Freddie Mac and Fannie Mae now have temporary new limits. In the past, buyers who needed a loan larger than the conforming limit (i.e., the JUMBO loan) of $417,000 paid a higher interest rate. For many, the significant increase in the monthly payment was enough to keep them out of the buying market, especially in areas like Carlsbad (and San Diego in general) where median home prices generally exceed this limit. The new limits, in place for loan that originated between July 1, 2007 and December 31, 2008, are $697,500 for a 1-unit dwelling, and up to $1,341,350 for a 4-unit property. These changes are expected to bring more buyers into the pricey Carlsbad and San Diego housing markets, and coupled with the declines in prices we have seen in the last few years, increase the affordability level for many.
What do the new conforming loan and FHA loan limits mean to the Orange Coun
2008-03-13 04:00:00 The new loan limits are going to have a significant effect on the market. These new limits won’t address the troubles everywhere, since they are formulated based on an area’s median sales price. So, they will have little effect in most of the country, but they will have a profound influence on California and, specifically, Orange County. Orange County’s limits have been established at the maximum amount of $729,000. On a 10% down loan, that will allow buyers to stretch up to $800,000. That will provide incredible liquidity to our market. With 10% down, the prior $417,000 limit allowed buyers to only look up to $459,000. That represents a difference of $343,000! The loans will be available as of April 1, just a few weeks away. Expect demand to increase substantially as many buyers take advantage of this temporary program. Demand should elevate and then remain at higher levels throughout 2008. The increased loan limits will expire on December 31st of this...
Talk around the Water Cooler- New Conforming Loan Limits Are Out Today-
2008-03-11 01:22:00 The news that everyone has been waiting for, the new conforming loan limits are out. Today the first lender introduced the first program to the rate sheets. The program that has been rolled out first is the 30yr and 15yr fixed rate products. In high cost areas such as where we live in Alameda and ...
Don?t get too excited about the new conforming loans limits
2008-03-08 23:02:00 According to Bankrate.com these are some of the restrictionsfor these new loans under Fannie Mae’s guidelines: Jumbo-conforming mortgages have rather strict loan-to-value limits. If you’re getting a loan to buy your principal home, you can’t borrow more than 90 percent of the home’s value if you get a fixed-rate loan, and you can’t borrow more than ...
By: National Bubble
Don’t get too excited about the new conforming loans limits
2008-03-08 23:02:00 According to Bankrate.com these are some of the restrictions for these new loans under Fannie Mae’s guidelines: Jumbo-conforming mortgages have rather strict loan-to-value limits. If you’re getting a loan to buy your principal home, you can’t borrow more than 90 percent of the home’s value if you get a fixed-rate loan, and you can’t borrow more than ...
New 2008 Conforming Jumbo Loan Guidelines
2008-03-08 10:02:00 The long awaited guidelines have been released.In our opinion very few loans will qualify and few people will want the financing. Fannie Mae is cherry picking the very best jumbo loans. Deal breakers for high-cost areas are the fact that 2nd mortgages can't be paid off using this program(item 7).1. Fixed rates can be sold to Fannie on or after April 1; ARMs on or after May 1. The loan has to be closed on or after March 1 to be subject to the following rules; inventory loans (closed from last July to March) have to be subject to a "negotiated commitment."2. No AUS approvals. It seems they plan to update Desktop Underwriter (their automated underwriting system) before the year is out, but they haven't done so yet and they're rollin' without it.3. For principal residences, fixed-rate loans are limited to 90% LTV/CLTV for a purchase, and 75% LTV/95% CLTV for a no-cash-out refi. ARMs are limited to 80%/80% on a purchase and 75%/90% on a no-cash-out refi. CASH OUT REFIS ARE NOT ALLOWE...
Temporary 2008 Conforming Loan Limits Released For High Cost Areas
2008-03-07 07:06:00 Washington, DC ? The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas. The new ...
Increase in conforming loan limits doesn?t necessarily mean much lower rate
2008-03-07 00:45:00 The FUH released the new limits for conforming loans but before you get all excited about it, take a look at what others expertsare saying. According to Bankrate.com: In the market for a superconforming loan? You might have to wait, depending on the lender you choose. “Fannie and Freddie have to get their mechanical processes organized to ...
By: National Bubble
New Conforming Loan Information - Chris Crowe, BB&T Mortgage
2008-03-06 20:43:00 Chris Crowe, Mortgage Planner for BB&T, has just posted information relating to the new conforming loan limits at his blog site, Hilton Head Island Mortgage Report. The basic jist of the post is that those who have financed their homes with a Jumbo Loan in the Hilton Head Island area, and the entire state of South Carolina, will not be able to benefit ...
Conforming Loan Limits Up In Salt Lake City
2008-03-06 20:30:00 "Holy tomato!" exclaimed Byron Goates, PLM of Integrity First Financial, "Conforming limits are up too!"Indeed they are. Conforming loan limits for single family housing in Salt Lake City rose to $729,750, effective March 5, 2008. Like the FHA increases, these too are temporary until the end of the year. Tooele and Summit counties also recieved the upward bump. Heber City saw loan limits increase to $431,750. All other counties remain at the $417,000 cap.It may be some time before we know what the costs associated with the higher limits will be, but now we know what the temporary limits will be.I suspect that along with high inventory and low rates, the new loan limits will jump start the housing market again. Heaven help us all if it doesn't.
New Conforming Loan Limit Announced.
2008-03-06 08:44:00 Beginning tomorrow, the new conforming limit on loans insured by the Federal Housing Administration will be temporarily raised to $729,750, more than double the current limit of $362,790, the U.S. Department of Housing and Urban Development announced today.The limit, which is good until the end of the year when it reverts back to $362,790, will apply only to loans insured under a program administered by FHA, which targets low to moderate-income home shoppers.HUD will announce tomorrow the new conforming loan limit for all markets, a spokesman said. Conforming loans are sold to government-sponsored buyers such as Fannie Mae and Freddie Mac and have a current limit of $417,000 in California and most states.The FHA and conforming limit increases could give the housing market a boost. Rates on jumbo loans, which are above the limit, have risen to about a percentage point above conforming rates.The average rate Tuesday on a 30-year fixed conforming loan in Orange County was 5.841% with a...
Fired for not conforming to warmongering
2008-03-04 20:19:00 Drash: What sort of a sick society is this that winks at an insincere signing of “loyalty” statement but, should someone actually read one and feels compelled to annotate it according to their conscience, is FIRED? What’s the message from this sort of governmental sanction? Is it not that if you do not support a ...
Conforming Jumbo Limit Changed, but wait.......
2008-02-23 05:25:00 Congress' plan to help the jumbo loan market -- passed two weeks ago as part of the Economic Stimulus Act -- still is a work in progress. Key details of the plan were left to the Department of Housing and Urban Development to nail down, which may take until next month. What's more, the securities industry's biggest trade group last week surprised lenders when it recommended that larger loans be in effect isolated from smaller mortgages in the "secondary" market, where loans are packaged into securities for sale to investors.That could keep interest rates on jumbo loans higher than some borrowers had hoped, analysts say. All of this has many homeowners who want to refinance, as well as would-be buyers, on edge -- particularly in the high-priced markets. The market for large jumbo mortgages has been a major casualty of the credit crunch that has slammed the economy since late summer. As loan delinquencies have soared and scores of mortgage lenders have folded, many remaining lender...
How Stimulating Will Raising the Conforming Loan Limit Be?
2008-02-21 23:09:00 All hail our legislative and executive branches for passing into law the latest shot of adrenaline to our economy: the 2008 stimulus package. And it looks like a record was set with how fast the bill became law– wow, pretty impressive… Efforts like providing consumers with tax refund checks and ...
Conforming Loan Limits Newsflash
2008-02-20 00:39:00 I’d like to thank Kristen Emery at Princeton Capital in Palo Alto for providing me with the first bit of information that actually explains what the changes to conforming loans will mean to someone in Silicon Valley trying to buy a home. A little light reading for you: We have seen a whirlwind of legislative activity these ...
Conforming Limit Update
2008-02-19 17:38:00 It’s official. The conforming loan limit has been temporarily raised. While it won’t save the economy, it will definitely make it easier on those who are encountering difficulties when looking at their home finance options. Check out this article in the Seattle Times. Share This
Conforming Limit Update
2008-02-19 17:38:00 It’s official. The conforming loan limit has been temporarily raised. While it won’t save the economy, it will definitely make it easier on those who are encountering difficulties when looking at their home finance options. Check out this article in the Seattle Times. Share This
Will the Increase in Conforming Loan Limits Benefit Colorado?
2008-02-15 15:00:00 President Bush signed the Economic Stimulus package on Wednesday and the impact for Colorado is yet to be determined. At this time it looks like Boulder may be the only area with a median home price high enough to gain an increase from the current $417,000 limit. 1. Loan limits will go up in metropolitan areas with high housing prices. Most experts are estimating that will occur in only 20 of 160 metropolitan areas. 2. The higher loan limits expire at end of the year. With HUD having 30 days to establish where the increase in loan limits will occur, it will be the middle of March before this is set. That will give borrowers about nine months if Fannie Mae and Freddie Mac have a process in place to purchase those loans. 3. The increase in the FHA loan limits may or may not reach our area. It’s yet to be seen whether or not more borrowers in Colorado will see more of a benefit than the rebate checks. I’ll keep you posted. For further thoughts and comments from blogge...
New Conforming Loan Limit Becomes Law.
2008-02-14 07:39:00 President Bush on Wednesday signed H.R. 5140, the Economic Stimulus Act of 2008, making official a temporary boost to both conforming and FHA loan limits. This might be the stiff drink the real estate market needs. The new law boosts the GSE conforming limit to as much as $729,750 through the end of this year, and also raises FHA lending limits to the same level for high-cost areas.“I know many Americans are worried about meeting their mortgages,” President Bush said prior to signing the bill. “My administration is working to address this problem.” Bush cited HOPE NOW and the recently announced Project Lifeline initiative as examples of ongoing work by the administration to address the housing crisis.A White House-produced fact sheet covering the new growth package is available here.The U.S. Department of Housing and Urban Development now has 30 days to publish a database of house prices that will be essential in determining which markets get access to the new ‘jumbo confo...
Starter Home for 51.7% Discount
2008-02-10 02:50:00 This is a 2-bed/1-bath home listed at $144,900 … and it’s not even the cheapest in the neighborhood (see the map below for 5 bank owned listings that are cheaper). It’s currently... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
By: FRCLSR TV
Can you see through MUD? Economic Stimulus Package Update- Conforming Loan
2008-02-08 23:30:00 There has been a lot of talk surrounding the rise in the conforming loan limits to help spur the residential real estate market. As I’m sure you’ve all heard the congress finished off the economic stimulus package yesterday and sent it to the President with the $729,750 number intact. President Bush has already come out ...
Senate Passes Conforming Loan Increase!
2008-02-08 01:35:00 As part of the overall Economic Stimulus package the Senate voted and passed the provision within the bill to expand the conforming loan limits to allow Fannie Mae and Freddie Mac to buy conforming loans worth as much as $729,750 for loans made between July 31, 2007 and Dec. 31, 2008, an increase over the current $417,000 loan limit, a move that could help struggling homeowners to refinance jumbo loans at a lower interest rate. It will also allow the Federal Housing Administration to insure loans as high as $729,750 in expensive markets. To find your areas median home value visit the National Association of Realtors site. They have the most user friendly numbers. This should be a welcome boost to home sales within the price range of the 125% upper limit for median value of a city. We don't expect a dramatic improvement in 30Y jumbo loan rates, most analysts are speculating that rates might improve by as much as .50% compared to where they are now. Historical low jumbo loan rates ar...
Conforming Loan Limits
2008-01-31 04:52:00 The house version of the economic stimulus bill approved by the House of Commons today would increase the conforming loan limit to as much as $729,750 in areas where home prices are highest. Conforming loans are loans that are guaranteed by Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), thus making them more desirable for investors who purchase mortgages. Interest rates on conforming loans tend to be lower because they are less risky for investors. That is good news for borrowers. Specifically, the approved bill permits Fannie Mae, Freddie Mac, and the Federal Housing Administration to guarantee purchase loans up to 125% of the median home price for a given area, but only until the end of 2008, with a cap of $729,750.00. This is very good news for people in our area. In Palo Alto 463 single family residences were sold in 2007 with a median sales price of $1,555,000 (data from the Silicon Valley Multiple Listing Service.) In S...
Conforming loan limit increase, two steps away.
2008-01-30 06:34:00 Rates for some long-term mortgages are at their lowest levels in four years, the Federal Reserve is expected to cut some short-term interest rates Wednesday and proposals in Congress may soon allow thousands of jumbo loan borrowers to qualify for loans with lower interest rates.The industry has not seen demand for jumbo mortgage loans at these levels since 2003. Should you refinance?The answer depends on a variety of factors: your' current loan terms, how long they plan to stay in your home, how much equity you have, your credit scores and more. It's deeply important to sit down and understand how all the pieces play together.Help for the jumbo loan client is on the way. Economic stimulus legislation approved Tuesday in the U.S. House of Representatives includes a provision that would temporarily allow government-sponsored mortgage finance companies Fannie Mae and Freddie Mac to increase the conforming loan limit up to $729,750. The new conforming loan limit change is being anxiou...
Raising the Conforming Loan Amount Woo Hoo
2008-01-29 18:28:00 I feel as if there should be horns blaring from every mortgage office in America with the news of a bill that will raise the conforming loan amount from $417K to $625-$725K. Either number would add some much needed help. One of the main obstacles in doing a loan in California or New York or any area where the median home price is more than $150K is the conforming loan amount. Most people don’t know what the conforming loan amount is, so if you are not already privy to it, here it is. The conforming loan amount is the maximum total loan amount (includes fees, taxes, insurance,etc.) that either of the two government entities, Fannie Mae or Freddie Mac, will guarantee to buy on the secondary market. What does that mean? That means that under the current rules, if your bank does a loan for you for under $417K and they can’t sell it on the secondary market as a mortgage security, the government guarantees them that either Freddie Mac or Fannie Mae will buy them....
Raising the Conforming Loan Amount Woo Hoo
2008-01-29 18:28:00 I feel as if there should be horns blaring from every mortgage office in America with the news of a bill that will raise the conforming loan amount from $417K to $625-$725K. Either number would add some much needed help. One of the main obstacles in doing a loan in California or New ...
About $15K Below Other Bank Owned Listings in the Area
2008-01-27 02:16:00 This is one of 47 bank owned listings in the area (there are 150 listings overall). The average REO price is $273,990. This house is a relative bargain at $259,000. Email me at... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
By: FRCLSR TV
Conforming Loan Limit Increase and other ways to revive the patient.
2008-01-26 09:17:00 It's always nice to take a step back every once in a while and try to see the bigger picture of what has happened in the past, and where we are right now. In my mind, when I do this I see so much stimulus injected into US economy and institutions and we aren't even in a recession yet, at least not in the minds of the organization that will ultimately declare it; the NBER. On a positive note, with the latest stimulus package there will be a temporary increase in the conforming loan limit for homebuyers; a positive incentive for those who both intend to purchase and can afford to purchase a home, especially here in Southern California where 50% of all jumbo loans are found. These jumbo loan changes should help affordability and ultimately help reduce record setting inventory in formally hot markets. Everything and anything can sell at the right price, econ 101.Lets just list what stimulus we have seen since late 2007:a) 175 basis points of cuts to fed funds rate; 1.75%b) Cash inject...
Distraught Moreno Valley Bank Owned Listing Wants to Know Why?
2008-01-26 01:22:00 When a lover leaves we always ask, “why?” Foreclosure isn’t necessarily areasonto leave your lover, but it sometimes makes me wonder why some homes are lost while others are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
By: FRCLSR TV
Fed to Increase Conforming Loan Limits
2008-01-25 23:00:00 Source: Reuters, Patrick Rucker (01/24/08) and REALTOR Magazine Online The economic stimulus package hammered out between the White House and Congress on Thursday lifts the size of home loans that may be bought or insured by Fannie Mae and Freddie Mac. The Fannie/Freddie cap would rise to $729,750 for one year. Currently Fannie and Freddie are capped ...
By: Tahoe Homes Blog
FHA & Conforming Loan Limit Increase on the way to help Real Estate Market-
2008-01-25 20:21:00 Washington reached a decision on an economic stimulus package to spur growth in the economy and come to the aid of the Real Estate Market. Reaching a bipartisan decision Thursday House leaders have decided to allow government sponsored Fannie Mae and Freddie Mac to buy mortgages as much as 75 percent more expensive than the ...
Increasing Conforming Loan Limits?
2008-01-25 17:34:00 Congress was rumored last week to increase conforming loan limits, what is the chance that we will see an increased somewhat? (...)
Increasing Conforming Loan Limits?
2008-01-25 17:34:00 Congress was rumored last week to increase conforming loan limits, what is the chance that we will see an increased somewhat? The president and Secretary Paulson have made it very clear that really want that to happen with various [tag-cat]Government Sponsored Enterprise[/tag-cat] reform in place. Would that be good for the credit market? Some people think ...
Raising conforming limits would be a worse idea if more people qualified
2008-01-25 08:01:00 Yesterday the U.S. government decided to cure the economic ills brought on by irresponsible spending by doing more irresponsible spending. ["Hair of the dog" economic theory???] Among the more hair-brained proposals to come out was the idea to have Freddie and Fannie buy risky jumbo loans–loans which the private sector isn’t dumb enough to want–and ...
By: HousingDoom
USGA Conforming Drivers and Balls List
2008-01-16 20:10:00 I thought it would be handy to provide a complete list of drivers and golf balls that theUSGA officially deems conforming to the rules of golf, as well as the drivers that are non-conforming.Take note that theR&A and the USGAshare these lists, so these lists apply anywhere in the world. Here are the lists: List of ...
Demand For Non-Conforming Mortgages Growing
2008-01-10 10:24:00 Demand for non-standard mortgages, a 125 billion pound market, will grow as people's financial circumstances are complicated by the increasing divorce rate, popularity of self-employment, and debt problems, according to a survey of 2000 adults that was published by consumer research group Mintel.
Fannie Mae and Freddie Mac conforming loan information
2007-12-01 15:25:00 Fannie Mae and Freddie Mac have kept the conforming loan limit at $417,000 for the coming year. They have also instituted mandatory charges for loans with credit scores below 680. Clients with credit scores less than 680 are going to start seeing higher interest rates for conforming loans than clients with higher scores - similar to the tiered rate pricing that has been in place in the Jumbo market for years. I would strongly advise anyone who is considering buying a home to get in touch with a reputable lender as early in the home buying process as possible in order to have their credit pulled. There are many things that buyers can do to bring their scores up if they have the right guidance. I'd be happy to help prospective buyers make sure that they are in the best position to buy a home. Feel free to call anytime. Pat ShepleeLoan OfficerNational City Bank15400 Calhoun Drive Suite 100Rockville, MD 20855301-279-4697 Direct301-580-7709 Cellpatrick.sheplee@ncmc.com
NO CHANGE FOR CONFORMING LOAN LIMITS IN '08
2007-11-29 20:31:00 The Office of Federal Housing Enterprise Oversight (OFHEO) announced Tuesday it will keep conforming loan limits at current levels of $417,000 for single-family mortgages in 2008, and also hinted it could lower the limits in 2009 if home prices continue to decline. The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California. "At more than $568,000, the median price of a home in California is more than 2.5 times the U.S. median of $221,000, yet California is not recognized by OFHEO as a high-cost state," said C.A.R. President William E. Brown. "California still has the third highest home price in the nation, compared with Hawaii at seventh, and Alaska, which ranks 39th in terms of median ho...
$417,000 Is Still The Maximum Conforming Limit
2007-11-29 04:30:00 $417,000 Is Still The Maximum Conforming Limit Despite a two year decline of 3.65% in home prices, the conforming loan limit for mortgages purchased by Fannie Mae and Freddie Mac next year will remain at the 2007 level of $417,000, according to the Office of Federal Housing Enterprise Oversight. (...)
2008 CONFORMING LOAN LIMIT $417,000
2007-11-27 15:35:00 Washington, DC - Office of Federal Housing Enterprise Oversight Director James B. (...)
The Day Conforming Died?
2007-11-21 08:54:00 It wasn’t a good day yesterday for GSEs Fannie Mae and Freddie Mac. It’s apparent that they are being hammered by the "Credit Crisis Part II": Nov. 21 (Bloomberg) — Freddie Mac, the second-largest U.S. mortgage-finance company, may need to raise as much as $6 billion to bolster its capital amid the worst housing ...
By: HousingDoom
OFHEO - NO DECLINE IN 2008 CONFORMING LOAN LIMIT
2007-10-16 20:05:00 NO DECLINE IN 2008 CONFORMING LOAN LIMIT Additional Comments Sought on a Revised Loan Limit Guidance New Mortgage Market Note on Historical Trends in Conforming Loan Limit Washington, DC ? The Office of Federal Housing Enterprise Oversight (OFHEO) announced today three actions regarding the calculation of the conforming loan limit, which establishes the maximum mortgage loan value eligible for purchase by Fannie Mae and Freddie Mac. (...)
OFHEO Will Not Decrease Conforming Loan Limit in 2008
2007-10-16 18:26:00 This was just released by the OFHEO: FOR IMMEDIATE RELEASE October 16, 2007 NO DECLINE IN 2008 CONFORMING LOAN LIMIT Additional Comments Sought on a Revised Loan Limit Guidance; New Mortgage Market Note on Historical Trends in Conforming Loan Limit Washington, DC – The Office of Federal Housing Enterprise Oversight (OFHEO) announced today three actions regarding ...
By: HousingDoom
My Church Distraction: Conforming
2007-10-11 00:00:00 I sometimes have problems concentrating, especially when people are talking over each other. At church on Wednesday night, our youth leader Jim was speaking about material things. I was trying to pay attention to him but I was distracted so much by a few annoying kids that kept touching each other and pointing toward someone ... |
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