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economic stimulus package: 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 … (6 comments)
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economic stimulus package: 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)
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economic stimulus package: President Bush to Sign "Economic Stimulus Package" Today! - 02/13/08 10:38 AM
Conforming Loan Amounts Will Increase...
This is great news for California Homeowners!!!
President Bush will sign the "Economic Stimulus Package" Bill today, after Congress and the Senate have agreed to temporarily increase the Conforming Loan Limit in 2008 as a part of its "Economic Stimulus Package", up to $729,750 in "High Cost Housing Areas!"
As you can imagine, most of California consists of "High Cost Housing" areas!
I say up to $729,750 for a reason. The Conforming Loan Limit will be determined by marking up the area median sales price by 125%.
As home values remain shaky and underwriting guidelines get stricter, the time to refinance out of … (4 comments)
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Scott Gormley
Chico,
CA
More about me…
Oak Valley Mortgage-California Home Loans and Refinancing
Cell Phone: (530) 592-8362
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