Are you looking to refinance a home in Chico,California? - 03/31/08 12:00 PM
Are you looking to refinance a home in Chico, California?
If so, feel free to give me a call!

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Are you looking to purchase a home in Chico,California? - 03/31/08 11:51 AM
Are you looking to purchase a home in Chico, California?
If so, feel free to give me a call. I have a great network of local real estate professionals to help you through the home purchase and loan process. 
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Conforming Loan Limits Temporarily Raised in Orange County, California! - 03/22/08 01:46 AM
Conforming Home Loan Limits in Orange County, California have temporarily increased from:
$417,000 to $729,750 until December 31st, 2008
Do you fit into the box of what banks are looking for?
Here's the checklist. If you can answer yes to all these questions, call me!
You're currently in a mortgage rate at (or set to go over) 6%
You have 700+ Mid FICO® scores
All borrowers have a stable job history for the past 2 years
The property is an owner-occupied, single family residence
You have a minimum 20% equity position in the property
You have the ability to provide full documentation of income & assets
You have no mortgage lates … (4 comments)

The "Liquidity Crisis", "Economic Stimulus Package" and my "Sleeping Tiger" Theories! - 03/07/08 03:45 PM
 
What is the "liquidity crisis" and why does it exist?
Across most of the country, Fannie and Freddie currently purchase loans of $417,000 or less from lenders, and repackage these so-called "conforming" mortgages into securities sold to investors. Investors generally trust that these securities will be repaid, in part because they are backed by the government-sponsored entities, so there's been little interruption in consumers' ability to obtain conforming loans at low rates. Until the Economic Stimulus Package was signed into law, loan amounts over $417,000 were typically held onto as "portfolio loans" by banks or sold off as mortgage backed securities to … (4 comments)

"Conforming Jumbo Loan" Information Released Today! - 03/07/08 03:31 PM
 
 
Are you wondering what is going on with the expected increase in the Conforming Loan Limit set to take place through the " Economic Stimulus Package" signed by President Bush last month? 
A chock full of information was released today as to how the "Economic Stimulus Package" and increase in Conforming Loan Amounts for "High Cost Housing Areas" will be implemented into the banking system, which will affect banks offerings to consumers.
If you are wondering what areas HUD has distinguished as "High Cost Housing Areas" within your state on a county by county basis, check out this link (put in the state, without … (2 comments)

 

Scott Gormley

Chico, CA

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Oak Valley Mortgage-California Home Loans and Refinancing

Cell Phone: (530) 592-8362

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