President Obama signed the congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including San Jose. The counties of Santa Clara, Alameda, San Mateo, San Francisco & Contra Costa in the Bay Area will have the maximum loan amount at $729,750.Yesterday […]
The $8000 first time home buyer credit has been extended and expanded for San Jose and rest of the Bay Area buyers. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In […]
This year Government has announced a ton of programs to prop up the Housing Market. Some of the major programs have been geared towards Foreclosure Prevention by launching 125% refinance program and incentivising Loan Servicers for modifying loans for struggling home owners. The Higher Conforming Loan Limits up to $729,750 would also be extended through […]
Borrowers in San Jose and rest of California may now get 95% Loan on Conventional Mortgages. The increased Loan to Value Ratio (LTV) is available on following programs: Freddie’s Home Possible (Fixed Rate only) FNMA MyCommunity (Fixed Rate, 5 yr ARM and 7 yr ARM) The Loan must meet the following criteria: Must be a […]
The week that was: A good week for the interest rate markets. Mortgage interest rates declined about 10 basis points. Treasury once again successfully sold $123B of notes in four auctions. Consumer confidence measured by The Conference Board declined more than expected, implying consumers may not be as convinced of a recovery as the equity […]
Homepath was created to facilitate the purchase of the bulk of REO properties currently serviced/guaranteed by FNMA (Fannie Mae). Highlights: As little as 3% down allowed for owner occupied! As little as 10% down for non owner occupied and 2nd Homes! No Mortgage Insurance! No Appraisal Needed – Value determined by Sales Price You may […]
There has been a lot of buzz in the media over last couple of days about extension of First Time Buyer Credit. National Association of Mortgage Brokers (NAMB), National Association of Home Builders (NAHB) and National Association of Realtors (NAR), have been working with the Government for sometime now to extend the credit. Without the […]
On 10/21 FHA via it’s mortgagee letter announced delay in FHA condominium changes. This is what the letter mentioned: Implementation of FHA new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009. The new guidance, to be issued within the next two weeks, will: 1) offer additional […]
The week that was: Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales including single-family, townhomes, condominiums and co-ops jumped 9.4 percent to a seasonally adjusted annual rate (SAAR) of 5.57 million […]
The week that was: By the end of the week mortgage rates and treasury rates were basically unchanged. Now looking for mortgage rates to hold between 5.00% and 5.37% for the near term, that said, the technicals are now slightly bearish. Estimates for Loan Volume for 2010 & 2011 – The MBA is out with […]
