| Does anyone know EXACTLY when we can start taking advantage of the loan limit increase?
Can I call to refi with the new limis yet? |
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| Above Posted By:
Kevin
| Mon, 3 Mar 2008 12:19:39 EST |
| Jen,
FHA isn't concerned about the credit scores. Lenders are allowed to have their own more restrictive guidelines and I do FHA with low scores to credit worthly borrowers. If I can help you I will be glad to do so, if you are outside my FHA lending areas I will refer you to a competent true lender that can close your loan. |
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| Above Posted By:
Laurie
| Mon, 11 Feb 2008 17:06:47 EST |
| Reality - I think that your missing reality. I know that Fannie and Freddie are sponsored by "us". These loans are much more favorable to borrowers than the subprime loans that have been sold over the past few years. Do you really think that the government is going to make the bad shady loans that have become the home that's been foreclosed upon right next to you. Also when these loans have an LTV over 80% the borrower pays mortgage insurance. This insurance is what pays for the lenders loss not "us". |
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| Above Posted By:
Kyle
| Thu, 7 Feb 2008 20:32:05 EST |
| You cannot spoonfeed someone who is not willing to accept the spoon. The demise of the the "subprime debacle" is many, many fold. The consumer will take the brunt of the hit because we are at the low end of the food chain. HOWEVER, I was a loan officer, I had clients who were willing to do anything to get a loan they didn't qualify for. I DIDN'T GIVE THEM THEIR LOANS. They chose to go to loan officers that WOULD give them a loan. They knew they were in a dicey situation and made the conscience decision to go ahead and sign. I don't believe everyone who was affected had prescience. But I do believe we as consumers have to take responsibility for our actions. As do the mortgage bankers and brokers who made these loans. We are in such a mode to point fingers and place blame. At some point, that finger should be pointing back at us. At what point does the borrower take responsibility for SIGNING THE LOAN DOCUMENTS? EVERY loan officer has the opportunity to attend the "signing". That's where the borrower(s) and their Loan Officer sit down in a conference room at their respective title company and go over each and every document that the borrower must sign. EVERY borrower has the right to request that the Loan Officer attend this signing and explain in detail what they are signing. Yes, the whole industry is in dissarray. But who do you think is about to make a metric butt-load of money in the mortgage industry now? It's become a re-fi market because the Fed lowered rates. It will still be and always be the investors that make the money. Maybe Wall Street won't touch mortgage backed securities for another lifetime... maybe they will. The fact remains, that the only person driving this bus is the CONSUMER! What would happen if WE boycotted buying or selling real estate for a year? |
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| Above Posted By:
katesmall
| Sun, 27 Jan 2008 20:58:09 EST |
| ... Why should homeowners not be allowed to take advantage of possible new higher conformed limits. Homeowners who were duped and taken advantage of should have every right to get a fair rate and keep there homes. Conformed rate ??? ... Jumbo Rate ???. Make it the same rate for all Homeowners up to $850k. Many of these problems would clear up quick. We should have been on a level playing field to begin with. ... P.S. Did I hear anyone say GREED !! |
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| Above Posted By:
KRM
| Fri, 25 Jan 2008 15:38:49 EST |
| Kyle, Freddie Mac and Fannie Mae are U.S. government sponsored entities which package and sell and hold for investment mortgage backed securities. There is an implied U.S taxpayer guarantee on these securities. If they were to sell bad securities, the U.S. government (that's us) would provide the bailout. Do you wan't to do that? |
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| Above Posted By:
reality
| Fri, 25 Jan 2008 08:33:08 EST |
| What do you mean these programs? Fannie Mae and Freddie Mac are the companies that purchase the majority of the loans on the secondary market as long as they do not exceed the current conforming limit of 417k. Increasing the limit that these entities can buy would improve liquidity in the market and add some life back to the housing market instead of allowing all of these unfortunate individuals to lose their homes because they purchased during an abnormal appreciation that was created by the government and bad economic policy. |
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| Above Posted By:
kyle
| Thu, 24 Jan 2008 21:16:44 EST |
| These programs should NOT be used as a conduit for low quality loans to be dumped on the U.S. taxpayer. This is what WILL occur. If you can not get a conventional loan then you should not buy or if you can't afford you current loan you need to sell.
Do not worry about selling in this market because your home is worth more today than it will be tomorrow. |
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| Above Posted By:
reality
| Thu, 24 Jan 2008 18:42:35 EST |
| definitely find other loan officers if they don't know why your scores are low, especially without late payments. you can contact me if you need help with your arm. |
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| Above Posted By:
kyle
| Thu, 24 Jan 2008 17:15:47 EST |
| 75 mortgages, really? Seriously? I can't believe that anyone would suggest that.
What about educating ourselves, our youth, everyone about credit, debt, and the power of the dollar so we can learn what we can and can not afford?
The fed has lagged in his efforts to help alleviate our housing woos, hopefully our republicans on the hill can make things move quicker! |
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| Above Posted By:
Iz
| Thu, 24 Jan 2008 17:11:14 EST |
| This is in response to Jens comment. FHA no longer requires you to be late on your mortgage in order to do the FHA Secure loan and they just released the increased loan amounts. Just need to know what State and County you are in. As far as 3 loan officers not knowing why your scores are low, they obviously don't know what they are doing. You have alot of options right now you just need to talk to the right person.
In repsonse to "Anonymous", I'm glad you remained anonymous, are you out of your mind to suggest a 75 year mortgage. Bottom line if you can't afford a 30 year fixed rate and putting at least 5% down, you shouldn't be buying a home, it's that simple! |
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| Above Posted By:
T
| Thu, 24 Jan 2008 15:47:24 EST |
| I have been waiting, patiently for the raise of the FHA loan amount. Everyone has there own scenerio - Mine, I have been paying my ungodly high arm, on time. My fico scores are too low to get a conforming loan yet I have never been late on a payment!!! 3 loan officers are baffeled as too why my scoreas are so low. Banks look at scores only. Now I am being advised to pay my payment late to get help from the FHA secured. Even Mrs Corcoran on the Today show gave advise that could hurt the economy. We need to put these approvals into action and quit talking!!!! |
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| Above Posted By:
Jen
| Thu, 24 Jan 2008 14:04:36 EST |
| Wow!! $300.00!! That's enough gas to last me a month.... |
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| Above Posted By:
Anonymous
| Thu, 24 Jan 2008 13:28:33 EST |
| As always the government will spoonfeed a drop of medicine at a time, instead of remedying the situation, which they have the power to do.
The limits should be raised to a level that will help stimulate as many as possible at this point in time, keeping in mind that it's only temporary. It can always be lowered later.
The introduction of 75 year mortgages has still not been mentioned and should strongly be considered for those that are not the "AAA" borrowers. This would help turn around our housing mess quickly without some type of government bailouts (with regard to foreclosures) which the banks are hoping for.
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| Above Posted By:
Murray
| Thu, 24 Jan 2008 12:57:10 EST |
| Watch the Dems stalling the rebate in Congress... |
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| Above Posted By:
Gelu
| Thu, 24 Jan 2008 11:22:12 EST |
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