Mortgage Rates Plummet!! - 11/28/08 12:54 PM
Happy Thanksgiving! Good News for Home Buyers.The Government is buying up mortgage bonds which is sending the yields down = lower interest rates!We are nearing the all-time lows again!30 yr fixed conforming @ 5.375% ( under 417,000)30 yr fixed Jumbo Conforming @ 5.75% ( 417,000 - 546,250)
http://www.garygiffin.com/Nav.aspx/Page=/RealEstateTips/Default.aspx current loan interest rates
See CNN Money Article below:Mortgage rates plummetThe $800 billion infusion of federal funds into credit markets has an immediate impact on mortgage rates.NEW YORK (CNNMoney.com) -- Mortgage rates fell sharply yesterday after the administration announced that it will pump another $800 billion into credit markets to free up frozen … (0 comments)

fORECLOSURES DELAYED FOR THE HOLIDAYS - 11/21/08 09:25 AM
WELL SOME GOOD NEWS FOR HOME OWNERS FOR THE HOLIDAYS Fannie Mae and Freddie Mac announced Wednesday that they are temporarily suspending foreclosures and evictions during the holiday season in an effort to keep people from losing their homes.

QUOTE FROM BLOOMBERG:
Nov. 20 (Bloomberg) -- Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, will suspend foreclosures and evictions over the holidays.
The six-week halt will begin Nov. 26, a day before the U.S. Thanksgiving holiday, and last through Jan. 9, the companies said in separate statements today. The hiatus is designed to give servicers more … (0 comments)

Less Foreclosures Means Supply Of Homes Will Drop- Is it time to buy a Home? - 11/14/08 10:17 PM
Since the government began regulating Fannie Mae and Freddie Mac they have started a new program to put a stop to foreclosures in America. See article below from Barclay Capital. It is not a government bail out nor are tax payers being hit for this.  The program pushes lenders to take a loss by assisting those who cannot afford their mortgage by streamline refinancing into lower interest rates while possibly increasing loan terms and in some cases deferring a portion of the loan to a later date.  The idea is to make mortgages affordable and fix what the adjustable loan market has contributed … (0 comments)

New Mortgage Loan Limits FHA 2009 - 11/10/08 07:53 PM

I was just advised by my in house lender that San Diego just got the short end of the stick here given the home prices have fallen so much over the year that it has dragged down the medium home price range thus HUD is only giving San Diego  $546,250 as a max FHA loan limit now in 2009.
Currently FHA is maxed at $362,000 and FHA Jumbo can encompass loan amounts to 697,500 max.
The $697,500 is a thing of the past starting Jan 1.
Any comments or just interested in checking out san Diego Home prices click my … (2 comments)