Last week figures put out by the National Association of Realtors hint that, perhaps, we are seeing the end of the so-called housing crises. According to the report (viewable here), the adjusted annual rate of existing home sales for February this year was up slightly compared to the figures from January. This is the first increase in home sales reported in six months!
Taken in context, the figures are still down by 23.8 percent from the figures of February, ’07. So, though it’s unlikely that we’ve seen the end of this correction it is, at least, a flicker of light at the end of the tunnel.
Regardless of whether the end is here, or near, or still a ways off, with today’s low interest rates and home prices coupled with the large inventory of homes for sale, it is an absolutely fantastic time to buy!
Steven R. Brown
Coldwell Banker
619-368-3765
Monday, March 31, 2008
Tuesday, March 25, 2008
Tuesday, March 18, 2008
UPDATE!
Government Announces Conforming Loan Limit Increases
The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon.
Also, on Wednesday, the government raised the conforming loan limit for mortgages guaranteed by the Federal Housing Administration, and has begun offering the maximum limit of $729,750 for 14 California counties, up from $362,790, for loans originated between now and Dec. 31, 2008.
The Fed’s economic stimulus package approved earlier this year called for temporary increases on conforming and FHA loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high-cost areas, particularly in California where home prices remain among the highest in the nation.
The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon.
Also, on Wednesday, the government raised the conforming loan limit for mortgages guaranteed by the Federal Housing Administration, and has begun offering the maximum limit of $729,750 for 14 California counties, up from $362,790, for loans originated between now and Dec. 31, 2008.
The Fed’s economic stimulus package approved earlier this year called for temporary increases on conforming and FHA loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high-cost areas, particularly in California where home prices remain among the highest in the nation.
Thursday, March 6, 2008
FHA Higher Loan Limits
Subject: FHA Higher Loan Limits
Good Thursday to You.
I just wanted to follow up on the news that was in the paper today about the FHA Loan limits. San Diego will now be $697,500 for FHA Loans. While the FHA max loan limits have been announced, we have gotten no information from GNMA with regard to credit pricing nor how the loans will be delivered into the market. We spoke with our rep at Ginnie Mae today and she indicated that an announcement will be out either late today or tomorrow. She did not want to speak to specifics until the announcement is out.
How the loans have to be priced and traded will dictate how / when we can roll this out. I will keep you posted.
Thanks and have a great day!
If you need anyone pre-approved please feel free to give me a call on my cell phone. Talk to you soon………..
Todd Brown
CB Home Loans
858-752-2978
Good Thursday to You.
I just wanted to follow up on the news that was in the paper today about the FHA Loan limits. San Diego will now be $697,500 for FHA Loans. While the FHA max loan limits have been announced, we have gotten no information from GNMA with regard to credit pricing nor how the loans will be delivered into the market. We spoke with our rep at Ginnie Mae today and she indicated that an announcement will be out either late today or tomorrow. She did not want to speak to specifics until the announcement is out.
How the loans have to be priced and traded will dictate how / when we can roll this out. I will keep you posted.
Thanks and have a great day!
If you need anyone pre-approved please feel free to give me a call on my cell phone. Talk to you soon………..
Todd Brown
CB Home Loans
858-752-2978
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