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fannie mae: Maryland Mortgage Loan Limit Summary / Seller Closing Cost Credit Summary - 01/20/12 04:48 PM
Happy New Year! Hope you had a great Holiday and were able to enjoy time with your family.
As the 2012 spring market is getting started off with pre-approvals and buyer inquiries, there were several changes (and re-changes) near the end of 2011 that may have led to some confusion and will likely impact your buyers. Below is a current recap of loan limits, minimum down payments, and maximum seller contributions for all loan options available.
Mortgage rates continue to stay at all time lows! Let’s make 2012 the best year yet!
Location Loan Limit Min. Down Payment Max. Closing … (0 comments)
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fannie mae: FHA loan limits increase! But not conventional - 11/18/11 02:51 PM
It was just announced today that a bill has been approved that will raise the FHA (FHA only) mortgage loan limit back to $729,750 for the DC area and $560,000 for the Baltimore metro area. Unfortunately, they did not raise the Fannie / Freddie conventional mortgage loan limit and they still remain at $625,500 and $494,500 respectively. Although the conventional limits are not raised, this will still help buyers who don’t have 10% down and are looking to buy above the conventional limits.
Below is the link to an article if you would like to read more about the change. Remember, … (0 comments)
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fannie mae: FHA, VA, and Conventional mortgage loan limits September / October 2011 - 09/29/11 07:12 PM
September 30th and October 1st are important in our industry as several government loan limits are set to change:
Conventional Fannie Mae loan limits will be changing, FHA mortgage loan limits will be changing, and VA loan limits will not be changing yet, however, VA funding fees will be changing
Fannie Mae loan limits: https://www.efanniemae.com/sf/refmaterials/loanlimits/xls/loanlimref.xls
Use the above referenced table to check the Fannie Mae loan limits. Additionally, if your home purchase is affected by the loan limits going down utilize our bank’s second trust mortgage to allow you to purchase your home above the loan limits with as … (1 comments)
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fannie mae: Wall Street Journal article mentions First Place Bank's 80/10/10 to stay out of Jumbo - 09/29/11 07:11 PM
First Place Bank’s 80/10/10 loan program was recently mentioned in the Wall Street Journal Online as an example of a creative way to assist buyers (and sellers) above the lowering Fannie Mae county loan limits!
September 16, 2011, Will Expiring Loan Limits Kill My Sale? By June Fletcher. Link: http://on.wsj.com/rd289k
Q. My house is for sale for $878,000. I have already dropped the price three times, and can't afford to drop it any lower. I am very worried about the upcoming expiration of conforming loan limits, and what that will do to the pool of buyers that can get … (0 comments)
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fannie mae: Fannie Mae Loan Limits going down on September 30th 2011! - 08/23/11 01:35 PM
Just a reminder that the Fannie Mae loan limits are set to expire on Sept 30th and all loans must be settled on or before that date (the 30th is a Friday). Be cautious of the dates, we are hearing that some other lenders have already stopped taking new applications for loans above $625,500 in the DC Metro area and above $494,500 in the Baltimore Metro area (likely because their processing and underwriting departments are delayed). We keep everything in-office so if you are stuck on a file, we can help get it closed in as little as 2 weeks. We … (0 comments)
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fannie mae: Mortgages in the Kentlands to get more expensive! - 02/26/11 01:17 PM
If you are considering buying or selling your home in an area such as the Kentlands in Montgomery County, now is the time to act! As you may have heard there are a large number of governmental reforms coming to the housing and mortgage industries. Most of them still have to be discussed among lawmakers, but the guidance appears that mortgages will get more expensive and have higher qualification standards. This means now is a great time to act on the purchase of a home! This will impact all areas including the Kentlands / Lakelands, Rockville, Bethesda, all of Montgomery County, Maryland, etc. … (2 comments)
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fannie mae: How to get a jumbo mortgage with a 10% low down payment in Maryland, DC, or Virginia - 01/31/11 08:57 AM
How to get a jumbo mortgage with a 10% low down payment in Maryland, DC, or Virginia
Likely if you're reading this you are frustrated that there seems to be no way to obtain a mortgage above the Fannie loan limits, normally requiring a jumbo loan. Alternative (non-conventional) loan products are loans required for loans above $729,750 for the DC metro area (including Northern Virginia, Arlington, Fairfax, Loudoun, Alexandria, Falls Church, Manassas, Montgomery County, Frederick County, Prince Georges County, and the District of Columbia). Similarly, in the Baltimore metro area the limit is $560,000 (including Howard County, Anne Arundel County, Baltimore County, Baltimore … (1 comments)
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fannie mae: High balance jumbo super conforming mortgage loan limits by County 2011 - 01/30/11 11:44 AM
For loans originated on or before September 30, 2011, the "temporary" high-cost area loan limits will apply and will be the same as the 2010 high-cost area loan limits, up to a maximum of $729,750. Presented below is a table detailing the County loan limits for Maryland, DC, and Virginia.
The limits are especially favorable to the DC Metro area, including Montgomery County, Frederick County, and Prince George's County with loan limits being $729,750. Howard County, Anne Arundel County, and Baltimore County get left out with a $560,000 loan limit.
If you County is not covered above, you can find the … (0 comments)
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fannie mae: Yes, mortgage lending standards are strict, but they ARE working!! - 08/08/10 10:24 AM
Yes, the mortgage lending standards have become very strict, but there is proof that they are working! The Quarter 2 2010 losses are the lowest they have been since the government took over Fannie Mae in 2008.
I had a Realtor tell me that a family with documentable income of $35,000 per year was given a mortgage for a $1 million dollar property that she sold short last year. Clearly, mistakes were being made across the board with lending standards being too relaxed.
Now the corrections have been made, and with some back-burner discussions about the ultimate fate of Fannie … (1 comments)
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fannie mae: Lending pendulum swings again - changes for the better - Interest only and ARMs - 05/03/10 11:28 PM
Fannie Mae is changing the rules on interest only mortgages and adjustable rate mortgages (ARMs). They are instituting stricter policies, for the better, to help prevent people from qualifying for homes they could not normally afford. Some of these following rules should have been in place from the start!
“These policy changes reflect our intention to continue providing liquidity to different market segments by ensuring that support for ARM products remains in appropriate circumstances,” said Marianne Sullivan, who works on the single family credit policy and risk management at Fannie Mae.
You can view the lender letter directly: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1006.pdf
If some … (3 comments)
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Nick Pakulla Mortgage Lender Loan Officer in MD DC VA
Rockville,
MD
More about me…
First Place Bank Maryland, Virginia, District of Columbia
Address: First Place Bank, 15400 Calhoun Drive #170, Rockville, MD, 20855
Office Phone: (301) 585-7283
Email Me
Loan Officer with First Place Bank in Rockville Maryland. FHA, 80-10-10, VA, Conforming, Jumbo, Refinances, a group of local approved appraisers (no 3rd party appraisal system), In-House Processing and Underwriting. Servicing Maryland, DC, and Virginia.
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