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)
loan to value: Fannie Mae Loan Limits going down on September 30th 2011!
- 08/23/11 06:35 AM
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)
loan to value: Understanding the home appraisal process with regards to upgrades made
- 02/10/11 07:56 AM
These comparisons must be drawn from current market activity within the last six months. Some lenders may want to look at both closed and pending sales. This is a safeguard to prevent appraisers from over-valuing the home in question. It is further stated in the guidelines that appraisers can only place a value on homes that have closed escrow. However, when property values rapidly increase within a marketplace, appraisers are generally permitted to make concessions and put more weight on the evidence provided by comparisons to pending sales and listings. This allows for a "real time" appraisal. At First Place Bank, … (2 comments)
loan to value: How to get a jumbo mortgage with a 10% low down payment in Maryland, DC, or Virginia
- 01/31/11 12:57 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)
loan to value: Just in! - Expect upcoming changes to FHAs upfront and annual premium - some numbers
- 08/05/10 01:37 PM
David H. Stephens, the Assistant Secretary for Housing / Housing Commissioner released today a special notice with the intent of decreasing the annual upfront MIP down to 1% (currently at 2.25%) with a simultaneous increase in the annual MIP to 0.85-0.90% (currently at 0.50-0.55%). The anticipated case number assignment effective date is September 7th 2010. The bill still needs to be signed into law.
"With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without disruption to the housing market." "As I have previously … (0 comments)
loan to value: Lending pendulum swings again - changes for the better - Interest only and ARMs
- 05/03/10 04:28 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)
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.
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! 
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