Call to Action for permanent Loan Limits

By
Mortgage and Lending with Capital Loan Associates NMLS #229167

 

California Realtors received an alert to send their government officials letters about making the loan limits permanent. I request that everyone takes a few minutes and fax over the letters. Once the loan limits are permanent housing will be more affordable. There is currently a 2 pt extra cost for FHA loans over $362, 790 in San Diego county. This difference would give a borrower with a loan amount under $362,790 a rate of 5.5% for a 30 year fixed vs 6.375% for a 30 year fixed with the new loan limits. 

On top of the 2 pt cost for higher limits is an extra cost for the FHA secure program used to keep borrowers out of foreclosure. Please fax in your letters. We need the limits to be permanent in order to support the California real estate market.  

Comments (1)

Brian Brady
San Diego VA Home Loans/858-777-9751 - San Diego, CA
858-777-9751
Why should Iowans subsidize the risk associated with a California property?  Risk adjusted pricing makes complete sense, regardless of the permanency of HUD loan product
Mar 24, 2008 05:16 PM