Currently viewing the category: "Loan Programs"

You Don’t Have To Order Vanilla

October 22, 2009 by

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 [...]

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The State of Jumbo Lending

October 8, 2009 by

After the mortgage meltdown, the availability of jumboloans has been vastly diminished. Jumbo loans have traditionally been defined as thoseabove the FNMA/FHLMC conforming limit of $417,000. In 2008 and 2009, Congress has allowed for FNMA andFHLMC to purchase what are defined as “high-balanceconforming loans”. The maximum loan amount variesfrom county to county, and currently in [...]

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Rays of Sunshine

April 9, 2009 by

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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Expansion of Loan Limits to Help Borrowers

February 26, 2009 by

The American Recovery and Reinvestment Act (ARRA)was signed into law on February 24, 2009. Thisact increased the maximum conforming limits forloans eligible to be purchased by Freddie Mac(FHLMC) and Fannie Mae (FNMA). Last year, the Stimulus Act allowed FHLMC andFNMA to purchase loans above the traditionalconforming limit of $417,000. In San DiegoCounty, the limit for [...]

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Glimmers Of Hope

February 12, 2009 by

As we work our way through the tightened approvalstandards that the mortgage underwriters areadhering to, we keep looking for the positivesthat peek out from time to time. First, interest rates are still staying low.For the most part, conforming loans (up to$417,000) for primary residences are in the 4.75%to 5.0% range with a loan fee of [...]

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