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HLS
ParticipantLA_R….
Realize that most of the “mortgage broker forums” are GENERALLY not the elite or best of the best.
Many posts are typically “where do I get the highest rebate” (kickback) OR “Who will do 100% financing with a 500 score”
A small % of professionals and a HUGE % of slimy salespeople
who don’t think twice about screwing a borrower, with a larger number of trolls who are taking notes.You rarely if ever see a post about integrity or what is best for the borrower. An indication of what is happening, but consider you source! 😉
There are plenty of solid lenders still underwriting all kinds of loans. The lower the LTV, the higher your score, the easier it is.
Conforming amount Stated Income refi’s to 95% are still VERY possible. There’s too much money around for jumbo rates to stay high, but the LTV will determine the rate.
High LTV loans will find little interest and high rates unless the govt steps in with an insurance plan, which is a possibility to restore order.
ParticipantLA_R….
Realize that most of the “mortgage broker forums” are GENERALLY not the elite or best of the best.
Many posts are typically “where do I get the highest rebate” (kickback) OR “Who will do 100% financing with a 500 score”
A small % of professionals and a HUGE % of slimy salespeople
who don’t think twice about screwing a borrower, with a larger number of trolls who are taking notes.You rarely if ever see a post about integrity or what is best for the borrower. An indication of what is happening, but consider you source! 😉
There are plenty of solid lenders still underwriting all kinds of loans. The lower the LTV, the higher your score, the easier it is.
Conforming amount Stated Income refi’s to 95% are still VERY possible. There’s too much money around for jumbo rates to stay high, but the LTV will determine the rate.
High LTV loans will find little interest and high rates unless the govt steps in with an insurance plan, which is a possibility to restore order.
ParticipantLA_R….
Realize that most of the “mortgage broker forums” are GENERALLY not the elite or best of the best.
Many posts are typically “where do I get the highest rebate” (kickback) OR “Who will do 100% financing with a 500 score”
A small % of professionals and a HUGE % of slimy salespeople
who don’t think twice about screwing a borrower, with a larger number of trolls who are taking notes.You rarely if ever see a post about integrity or what is best for the borrower. An indication of what is happening, but consider you source! 😉
There are plenty of solid lenders still underwriting all kinds of loans. The lower the LTV, the higher your score, the easier it is.
Conforming amount Stated Income refi’s to 95% are still VERY possible. There’s too much money around for jumbo rates to stay high, but the LTV will determine the rate.
High LTV loans will find little interest and high rates unless the govt steps in with an insurance plan, which is a possibility to restore order.
ParticipantAlex,
The conforming loan limits adjustments are based on the October-to-October changes in the mean (average) home price, as published by the Federal Housing Finance Board (FHFB). The FHFB figures come from its monthly survey of lenders. Both new and existing homes are included in the survey.
Prior to the last week, the situation simply was that loans that “conformed” to FNMA and FHLMC guidelines were purchased by them, up to their $ limits.
Loans that were above this, were “jumbo” and sold off on Wall Street into the securities market.
Below is the “official” stance:
As of January 1st, 2006, the conforming loan limits, set by The Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) for single-family and multi-unit properties in Florida, and other contiguous States, District of Columbia and Puerto Rico will be increased as follows:
One-family maximum $417,000
Two-family (or duplex) maximum $533,850
Three-family (or tri-plex) maximum $645,300
Four-family (or quad-plex) maximum $801,950The maximum loan limit for one-to-four-family mortgages in Alaska, Guam, Hawaii and the U.S. Virgin Islands are 50% higher than the limits set for the rest of the United States:
One-family maximum $625,500
Two-family (or duplex) maximum $800,775
Three-family (or tri-plex) maximum $967,950
Four-family (or quad-plex) maximum $1,202,925Conforming mortgage loans are mortgages that “conform” to the loan sizes that may be purchased by FNMA or FHLMC.
I have a connection who works for FNMA… I will see if I can get any indication from him about whether or not they are considering raising the limit for CA.
ParticipantAlex,
The conforming loan limits adjustments are based on the October-to-October changes in the mean (average) home price, as published by the Federal Housing Finance Board (FHFB). The FHFB figures come from its monthly survey of lenders. Both new and existing homes are included in the survey.
Prior to the last week, the situation simply was that loans that “conformed” to FNMA and FHLMC guidelines were purchased by them, up to their $ limits.
Loans that were above this, were “jumbo” and sold off on Wall Street into the securities market.
Below is the “official” stance:
As of January 1st, 2006, the conforming loan limits, set by The Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) for single-family and multi-unit properties in Florida, and other contiguous States, District of Columbia and Puerto Rico will be increased as follows:
One-family maximum $417,000
Two-family (or duplex) maximum $533,850
Three-family (or tri-plex) maximum $645,300
Four-family (or quad-plex) maximum $801,950The maximum loan limit for one-to-four-family mortgages in Alaska, Guam, Hawaii and the U.S. Virgin Islands are 50% higher than the limits set for the rest of the United States:
One-family maximum $625,500
Two-family (or duplex) maximum $800,775
Three-family (or tri-plex) maximum $967,950
Four-family (or quad-plex) maximum $1,202,925Conforming mortgage loans are mortgages that “conform” to the loan sizes that may be purchased by FNMA or FHLMC.
I have a connection who works for FNMA… I will see if I can get any indication from him about whether or not they are considering raising the limit for CA.
ParticipantAlex,
The conforming loan limits adjustments are based on the October-to-October changes in the mean (average) home price, as published by the Federal Housing Finance Board (FHFB). The FHFB figures come from its monthly survey of lenders. Both new and existing homes are included in the survey.
Prior to the last week, the situation simply was that loans that “conformed” to FNMA and FHLMC guidelines were purchased by them, up to their $ limits.
Loans that were above this, were “jumbo” and sold off on Wall Street into the securities market.
Below is the “official” stance:
As of January 1st, 2006, the conforming loan limits, set by The Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) for single-family and multi-unit properties in Florida, and other contiguous States, District of Columbia and Puerto Rico will be increased as follows:
One-family maximum $417,000
Two-family (or duplex) maximum $533,850
Three-family (or tri-plex) maximum $645,300
Four-family (or quad-plex) maximum $801,950The maximum loan limit for one-to-four-family mortgages in Alaska, Guam, Hawaii and the U.S. Virgin Islands are 50% higher than the limits set for the rest of the United States:
One-family maximum $625,500
Two-family (or duplex) maximum $800,775
Three-family (or tri-plex) maximum $967,950
Four-family (or quad-plex) maximum $1,202,925Conforming mortgage loans are mortgages that “conform” to the loan sizes that may be purchased by FNMA or FHLMC.
I have a connection who works for FNMA… I will see if I can get any indication from him about whether or not they are considering raising the limit for CA.
ParticipantOH YA,, I posted this about 2 days ago..
ParticipantOH YA,, I posted this about 2 days ago..
ParticipantOH YA,, I posted this about 2 days ago..
ParticipantOH YA,, I posted this about 2 days ago..
ParticipantOH YA,, I posted this about 2 days ago..
ParticipantOH YA,, I posted this about 2 days ago..
ParticipantFrom the lending standpoint, loans of $417K or less are not difficult to get, and even larger amounts are still available.
America is not going away. Lenders of money are not going to disappear.Rates are not going insane for those who QUALIFY.
The media will blow this out of proportion, I am sure.We are just talking about MONEY & wealth. It’s not a terminal disease. Some people will be ruined.
Many people ARE freaking out. They don’t know what to do.
I have refi loans to submit this week, maybe they will fund, maybe they won’t. I’m not stressed. I’ve been through volatile markets before.I’m off for a couple days in Mexico this week for some R&R and lobster & beer. The world isn’t coming to an end.
It will give some mortgage scumbags a reason to screw people by telling them it’s the best rate they can get.
Desperate times call for desperate measures. A LO that needs money desperately will try and screw people to max out their take on a loan.
Everything to a lender is risk/reward. GSE’s are still backing loans of under $417K
The more you have to put down, the higher your credit score, the easier it will be to get a loan.
There IS money available for loans. There are millions of people who will have no problem, other than reduced net worth.
There will be a period of correction. I don’t see rates exploding as housing prices fall.
(Even IF what you say was to happen, I would rather have someone pay 10% on $300,000 purchase than 6% on $500,000 one.
Either way it’s $30K a year interest, but $300K cost gives you better options. Rates will drop, but your cost won’t change)Always remember, tough times don’t last, but tough people do.
ParticipantFrom the lending standpoint, loans of $417K or less are not difficult to get, and even larger amounts are still available.
America is not going away. Lenders of money are not going to disappear.Rates are not going insane for those who QUALIFY.
The media will blow this out of proportion, I am sure.We are just talking about MONEY & wealth. It’s not a terminal disease. Some people will be ruined.
Many people ARE freaking out. They don’t know what to do.
I have refi loans to submit this week, maybe they will fund, maybe they won’t. I’m not stressed. I’ve been through volatile markets before.I’m off for a couple days in Mexico this week for some R&R and lobster & beer. The world isn’t coming to an end.
It will give some mortgage scumbags a reason to screw people by telling them it’s the best rate they can get.
Desperate times call for desperate measures. A LO that needs money desperately will try and screw people to max out their take on a loan.
Everything to a lender is risk/reward. GSE’s are still backing loans of under $417K
The more you have to put down, the higher your credit score, the easier it will be to get a loan.
There IS money available for loans. There are millions of people who will have no problem, other than reduced net worth.
There will be a period of correction. I don’t see rates exploding as housing prices fall.
(Even IF what you say was to happen, I would rather have someone pay 10% on $300,000 purchase than 6% on $500,000 one.
Either way it’s $30K a year interest, but $300K cost gives you better options. Rates will drop, but your cost won’t change)Always remember, tough times don’t last, but tough people do.
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