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"FHLMC/FNMA"
In the past, I have explained risk-based pricing of mortgage loans. That is the practice of lenders and investors imposing additional costs for different defined tiers of risk. As an example, a borrower with a 620 credit score will have a higher interest rate and fee quote for their loan than will a borrower with [...]
Continue Reading →Updates: Every year about this time, we get an update forthe new conforming loan limits. Conforming loans are those that are eligible to besold to FHLMC (Freddie Mac) and FNMA (FannieMae). For the 5th straight year, the limits are as follows: Single family home $417,0002-unit properties $533,8503-unit properties $645,3004-unit properties $801,950 As I mentioned in [...]
Continue Reading →Ever since the mortgage meltdown, there has been atrend to go back to the traditional mortgage productsthat served the marketplace well for many years. Loan products that included stated income, negativeamortization, and high-leverage vehicles that askedthe borrower to put little down payment have beeneliminated. To a large degree, the products that are currentlyoffered include 30-year [...]
Continue Reading →First the News! We finally got word today from one of our lenderswith whom we broker loans that they will startaccepting registrations for the new conforming-jumbo loan limits to $697,500 in San Diegobeginning April 27. The conforming limit is currently $417,000.The Economic Stimulus Act of 2008 allowed FHLMCand FNMA to purchase loans up to $697,500 [...]
Continue Reading →Over the past couple of years, we have seen thehousing and mortgage industries going throughsome bleak times, after spiraling out of controlfor a while. As we have been slogging through the upheavaland dealing with the slumping housing marketand more restrictive lending environment, wehave been hopeful that we would see evidenceof improvement. There are some indications [...]
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