Gov’t to target 4.5% for mortgages

[MANmom]

…it is “his boy Elroy, Jane his wife, daughter Judy, their dog Astro…

[rbeast]

When will 4.5% take effect – any guesses???

[rbeast]

When will 4.5% take effect – any guesses???

[rbeast]

When will 4.5% take effect – any guesses???

[rbeast]

When will 4.5% take effect – any guesses???

[rbeast]

When will 4.5% take effect – any guesses???

[HLS]

[quote=rbeast]When will 4.5% take effect – any guesses???[/quote]

Don’t hold your breath, but I will post ASAP if it ever becomes available.

(Rates were 5.00% last week, and were actually available)

I doubt it will be a simple loan…probably going to be a bailout fee/tax attached.

Who knows, it may not ever happen.

As of today it’s only talk. Who knows what the qualifying or the loan amount caps will be.

Socrat, If it is similar to current programs you will have mortgage insurance with a 90% loan.

@ $495K, your total payment would be about $3400. It’s about $3150 PITI + MI .HLS

[HLS]

[quote=rbeast]When will 4.5% take effect – any guesses???[/quote]

Don’t hold your breath, but I will post ASAP if it ever becomes available.

(Rates were 5.00% last week, and were actually available)

I doubt it will be a simple loan…probably going to be a bailout fee/tax attached.

Who knows, it may not ever happen.

As of today it’s only talk. Who knows what the qualifying or the loan amount caps will be.

Socrat, If it is similar to current programs you will have mortgage insurance with a 90% loan.

@ $495K, your total payment would be about $3400. It’s about $3150 PITI + MI .HLS

[HLS]

[quote=rbeast]When will 4.5% take effect – any guesses???[/quote]

Don’t hold your breath, but I will post ASAP if it ever becomes available.

(Rates were 5.00% last week, and were actually available)

I doubt it will be a simple loan…probably going to be a bailout fee/tax attached.

Who knows, it may not ever happen.

As of today it’s only talk. Who knows what the qualifying or the loan amount caps will be.

Socrat, If it is similar to current programs you will have mortgage insurance with a 90% loan.

@ $495K, your total payment would be about $3400. It’s about $3150 PITI + MI .HLS

[HLS]

[quote=rbeast]When will 4.5% take effect – any guesses???[/quote]

Don’t hold your breath, but I will post ASAP if it ever becomes available.

(Rates were 5.00% last week, and were actually available)

I doubt it will be a simple loan…probably going to be a bailout fee/tax attached.

Who knows, it may not ever happen.

As of today it’s only talk. Who knows what the qualifying or the loan amount caps will be.

Socrat, If it is similar to current programs you will have mortgage insurance with a 90% loan.

@ $495K, your total payment would be about $3400. It’s about $3150 PITI + MI .HLS

[HLS]

[quote=rbeast]When will 4.5% take effect – any guesses???[/quote]

Don’t hold your breath, but I will post ASAP if it ever becomes available.

(Rates were 5.00% last week, and were actually available)

I doubt it will be a simple loan…probably going to be a bailout fee/tax attached.

Who knows, it may not ever happen.

As of today it’s only talk. Who knows what the qualifying or the loan amount caps will be.

Socrat, If it is similar to current programs you will have mortgage insurance with a 90% loan.

@ $495K, your total payment would be about $3400. It’s about $3150 PITI + MI .HLS

[NotCranky]

Sorry JP, I drifted off this thread. Don’t know if you are still checking in?

The 700k house with the loan mod to 500k, 2 years later, won’t be used as a sales comp. Comps are usually 6 months old, or less. If there were not enough sales or similar properties the appraiser would extend the geographical range, which is usually pretty narrow, or find some other way to get more comps. A two year old comp in this market is never going to be taken seriously.Like I said, an appraiser can handle this topic better, but that is the gist of it.

Landlords going “owner occupied” for a loan has been going on for a long time.

[NotCranky]

Sorry JP, I drifted off this thread. Don’t know if you are still checking in?

The 700k house with the loan mod to 500k, 2 years later, won’t be used as a sales comp. Comps are usually 6 months old, or less. If there were not enough sales or similar properties the appraiser would extend the geographical range, which is usually pretty narrow, or find some other way to get more comps. A two year old comp in this market is never going to be taken seriously.Like I said, an appraiser can handle this topic better, but that is the gist of it.

Landlords going “owner occupied” for a loan has been going on for a long time.

[NotCranky]

Sorry JP, I drifted off this thread. Don’t know if you are still checking in?

The 700k house with the loan mod to 500k, 2 years later, won’t be used as a sales comp. Comps are usually 6 months old, or less. If there were not enough sales or similar properties the appraiser would extend the geographical range, which is usually pretty narrow, or find some other way to get more comps. A two year old comp in this market is never going to be taken seriously.Like I said, an appraiser can handle this topic better, but that is the gist of it.

Landlords going “owner occupied” for a loan has been going on for a long time.

[NotCranky]

Sorry JP, I drifted off this thread. Don’t know if you are still checking in?

The 700k house with the loan mod to 500k, 2 years later, won’t be used as a sales comp. Comps are usually 6 months old, or less. If there were not enough sales or similar properties the appraiser would extend the geographical range, which is usually pretty narrow, or find some other way to get more comps. A two year old comp in this market is never going to be taken seriously.Like I said, an appraiser can handle this topic better, but that is the gist of it.

Landlords going “owner occupied” for a loan has been going on for a long time.

[Author]

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