What anticipation and angst!
Waiting for the next shoe to drop has been interesting. First it was announced that changes were in the wind, but of course the had to be approved by both houses and signed into law by Presidential approval. That was done. Various announcements were made public and Conventional loan amounts were increased. U.S. regulators removed limits on the combined $1.5 trillion mortgage portfolios of Fannie Mae and Freddie Mac, enabling the companies to increase financing for the slumping housing market.
Who knew that all of this was going on in the background, who cared? We just want to get on with life as soon as possible. Tired of holding our breath on the upcoming refinance. When? When?
Well, we are actually getting closer. It appears that the issue may be that lenders are interpreting the mortgage guidelines and I have heard that there is some sort of meeting, within Wells Fargo, set for March 17th and it sounds like this is to discuss these new program requirements.
Keeping in mind that the legislation is set to be only a short term increase, expiring at the end of 2008 and was put together to resolve liquidity issues in the mortgage and real estate markets. Yes the clock is ticking and we need to get our refinance and purchase activities set into high gear. It sounds like there is still a cap of $417,000, and a charge for anything up to the new limit.
For King, Pierce and Snohomish Counties the maximum mortgage amount will now be $567,500! That's wonderful for you borrowers who have been paying Jumbo mortgage prices in King County WA! Your rates can now drop down to the new conforming loan limits.
I will post the results of the March 17th meeting as soon as I understand what comes next.
Contact me at 206-898-3776 in order to get set for participating in a stampede of Jumbo mortgage refinances. I also work with homebuyers who can buy a home through me and get a reduction on their mortgage costs.
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