2013 FHA Loan Limits For California(CA), Oregon(OR) And Washington(WA)

Federal Housing Administration (FHA) recently announced 2013 maximum loan limits for California, Oregon and Washington FHA mortgages. While the "floor" and maximum high-cost limit remained the same nationally, for some counties the loan limits changed. Every county will at least have the "floor" as their loan limit, also called FHA's minimum loan amount limit per below. One-unit applies to Single family residence (SFR), Condominiums and Townhomes. One-Unit: $271,050 Two-Unit: $347,000 Three-Unit: $419,425 Four-Unit: $521,250 For high-cost areas the maximum FHA loan limits for 2013 would be: One-Unit: $729,750 Two-Unit: $934,200 Three-Unit: $1,129,250 Four-Unit:…continue reading →

FHA to Hike Mortgage Insurance Premium, Prevent MI Cancellation

Federal Housing Administration (FHA) said it will hike mortgage insurance premium (MIP) again. Its also setting in place regulation that will prevent all new borrowers to cancel their mortgage insurance premium even if the loan-to-value requirement is met during the life of the loan. This was announced in the FHA press release issued on November 12, 2012. FHA mentioned that over the past year it has been critical to housing recovery by insuring 1.2 million single family mortgages, with 78% loans to first time home buyers. FHA accounted for 50 percent of home…continue reading →

Is Qualified Mortgage Rule Biggest Risk To Real Estate Recovery?

Banks are talking about it, Credit Unions are talking about it, Loan Officers are talking about it, heck even the President and wanna be President are talking about it. Not too many people know exactly what it is and how it will pan out - but one thing is for sure, it definitely has the potential of derailing the nascent real estate recovery. As part of implementing the Dodd-Frank act, Consumer Financial Protection Bureau (CFPB) plans to finalize the rule for  "qualified mortgage (QM)" in January 2013. This proposal is the first ever…continue reading →

How to Build a Good Credit from Scratch

Establishing a good credit history has never been as important as it is today. It's not just that you'll need good credit to get decent rates when you're ready to buy a home or a car. Your credit history can determine whether you get a good job, a decent apartment or reasonable rates on insurance. It's a classic Catch-22: You've got to have credit to get credit. So where do you start? If you're just starting out, you have a once-in-a-lifetime opportunity to build a credit history the right way. Here's what to…continue reading →

Dos and Don’ts during your California Mortgage Loan Process

It is very tempting to start thinking about decorating your new home the moment you initiate the mortgage process. But as a Lender, there are certain things I caution my clients against to ensure their California mortgage gets approved smoothly. When you fill out a credit application, they run a credit report for the underwriter. Each lender and each loan program has different guidelines they must follow. You should not do anything that will have an adverse effect on your credit score while your loan is in process. We know it's tempting. If…continue reading →

Fannie Mae Guideline Changes Coming to a California Loan Near You

Fannie Mae is set to release a new version (9.0) of its automated underwriting system called DU (Desktop Underwriter) over the weekend of Oct 20th, 2012. Fannie Mae tightened some underwriting guidelines based on their performance data. Here are some highlights: Limited Review for Condominium to be capped at 80% (currently at 90%) - So if you are buying a condo in California with less than 20% down, you would need to provide more documentation related to the condo project. Usually these documents are provided by the HOA office. In some cases these…continue reading →

It’s Official – FHA Loan Limit of $729,750 is Back! No Such Luck for Fannie/Freddie!

Just few hours back, President Obama signed a bill reinstalling  the FHA Jumbo Limit back for several high cost counties in  California to $729,750 (from the recently reduced $625,500). The bill comes into immediate effect, meaning FHA can start  insuring the $729,750 Loan Amounts right away. The restored loan amount is good till Dec 2013. Senate approved it 70-30, which was preceded by the House passing the bill 298-121. The senate has earlier in the month approved an amendment to the bill to restore the $729,750 loan limits for FHA and Fannie Mae/Freddie…continue reading →

Breaking News : $729,750 Loan Amount for Conforming and FHA is Coming Back

Rejoice California Homebuyers and Home Owners - The $729,750 Loan Amount Limit for Conforming and FHA Loans could be coming back. These loan amounts were rolled back to $625,500 few weeks back. Bloomberg reported - The U.S. Senate adopted a measure that would raise the maximum size of a home loan backed by mortgage companies Fannie Mae, Freddie Mac and the Federal Housing Administration to $729,750. Senator Robert Menendez, a New Jersey Democrat, offered the increase as an amendment to a spending bill today. The measure was approved less than a month after…continue reading →

Bye Bye $729,750! Welcome Back $625,500 (Sigh!)

Bay Area Conforming and FHA Loan Limit goes down These loan amounts over $417,000 are known by several names like - Loan Limits for High Cost Areas, Super Conforming Loans, High Balance Loans or Conforming Jumbo loans. They are going down from the current $729,750 to $625,500. For the current loan limit of $729,750 the loan has to be closed by September 30, 2011 so no lender is accepting new applications anymore with that limit. The table below shows new loan limits for Conforming loans by both Fannie Mae and Freddie Mac. For…continue reading →

3.50% HomePath Financing bonus coming to end in June

Fannie Mae HomePath Financing for California homes come with added bonus in June - 3.5% towards closing cost assistance. Thats right, Fannie Mae is paying 3.5% towards your closing cost if you close your transaction by June 30, 2011. HomePath financing is available for houses that are currently owned by Fannie Mae. To get a full list of properties that qualify for HomePath financing go to the official HomePath website. Benefits of HomePath financing: Only 3% down payment required for Primary Residence (this can come as a gift) Available to Investors too with…continue reading →

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