Archives for the 'Programs' Category

JUMBO RELIEF

It looks as though Fannie and Freddie have decided to lower the rates on those “jumbo” conforming loans.
Remember that Fannie and Freddie increased conforming loan limits–in certain geographic areas–so that borrowers with larger loans could benefit from lower, conforming interest rates and, to some extent, conforming loan underwriting qualifications.
However when these jumbos came out the […]

25 May 2008 | First Time Homebuyers, Programs, Interest Rate | No Comments

WILL THE MORTGAGE PROGRAMS BE THERE?

Here in Chicago we hit 60 degrees this weekend. I noticed everyone out and about, walking dogs, walking kids, wearing shorts, etc.  So I guess spring is here.
Then I noticed the trees.  Still all bare.  Not any sign of buds yet.  It was as if the buds were still afraid to pop out for fear that we’d get […]

8 April 2008 | First Time Homebuyers, Pre-Approval, Loan Officers, Chicago Stuff, Programs | No Comments

SHOPPING FOR THE BEST INTEREST RATE? HOW ABOUT 11.5

As you may know, I published a book called It’s Not About Rate…OK, let’s stop right there. It’s not about the interest rate?  Then what can it be about? You don’t have to read my book to have a good idea what are the critical factors in being approved for a mortgage.  Still….there are companies that […]

3 April 2008 | First Time Homebuyers, Pre-Approval, Fixed Rate/ARM, Programs | No Comments

GETTING A MORTGAGE? HOW ABOUT A PAUSE?

The other week I was talking with a real estate agent who is very smart. Smart and intelligent.
We were discussing the hot topic of the day, month, and year:  the state of the mortgage industry. We eventually got around to the various ways to fix the problems. We all know that the government would get involved, […]

1 April 2008 | First Time Homebuyers, Pre-Approval, Real Estate (Agents), Loan Officers, Chicago Stuff, Programs | No Comments

NEW FHA LOAN LIMITS: HOW MUCH IS A LIMIT WORTH?

I have waited to write a post about the new FHA loan limits. (See my reasoning below.)
The good news is that the limits for lending have increased for many areas. As outlined in the Allregs guide:
“The Act provides that the mortgage limit for any given area shall be set at 125% of the median house price […]

12 March 2008 | Down Payment, First Time Homebuyers, Fixed Rate/ARM, Income, Credit (Score), Reserves/Assets, Programs | No Comments

CONFORMING LOAN LIMITS GOING UP UP UP…HOPEFULLY

The US Congress passed a stimulus package.  We all need stimulation right now. 
Regarding the mortgage industry, one item stands out.  If the President signs the bill, there is a good possiblity that the conforming loan limits will increase.
It is estimated that conforming loan limits for 1 unit properties will go from the current $417,000 to (an […]

12 February 2008 | First Time Homebuyers, Fixed Rate/ARM, Programs, Interest Rate | No Comments

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