california mortgages: New FHA Loan Limits Signed into Law Friday - 11/22/11 08:07 AM
President Obama signed into law Friday H.R. 2112, a bill that among other things has raised the mortgage limit on Federal Housing Administration (FHA) loans. On October 1st of this year, the lending limits for high cost areas was slashed, with the national maximum being reduced from $729,750 to $625,000 and San Diego County's maximum also declining from $697,500 to $546,250. This bill will extend the pre-October 1st high cost area limits from now through December 2013. This increased limit only applies to loans backed by the FHA, as Fannie Mae and Freddie Mac loans were not included in this bill.
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california mortgages: FHA High Balance Limits Restoration in progress - 11/16/11 07:30 AM
Good news! In a compromise negotiated Tuesday, Congress agreed to restore the $729,750 conforming loan limit for FHA mortgages.
 
Some purchasers prefer FHA to Fannie and Freddie and some the opposite, but virtually every transaction that would have closed as a Fannie or Freddie loan can now close as an FHA loan.  FHA  allows for a lower down payment, and restoring the high balance loan limit for FHA probably does more to provide a vehicle for all types of home buyers than anything else. The extension will continue until December 31, 2013 and applies to high cost areas including all of … (0 comments)

california mortgages: Jumbo Mortgage Guidelines Loosen Up - 10/14/11 01:27 PM
Continuing to see a trend in jumbo guidelines becoming more liberal. For instance, here are the latest changes of one investor: As of 10/14/2011, enhanced Jumbo guidelines on Appraisal Requirements, Acreage and Second Home DTIs: Only one appraisal required up to 1.5 Million. Acreage increased from 10 to 15 Acres and Max loan increased to $1.5M for these properties. As of 10/14/2011, this investor will do 80% LTV purchase and cash-out refinance with a FICO requirement of only 700 to $1M, 720 to $2M on purchase and 720 to $1.5 M for cash-out. Debt to Income Ratio increased on 2nd homes … (0 comments)

 
Carl Snyder (HomePlus Mortgage)

Carl Snyder

San Diego, CA

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HomePlus Mortgage

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