Member:
Executives Association of San Diego
Licensed by the CA Dept of Real Estate #01090117
NEWS you can use!!
FNMA and FHLMC Stimulus Plan for 2009.
The conforming limit will remain at $417,000 with a twist. FNMA and FHLMC will allow "high cost" areas to exceed the limit up to a max $725,000. Each high cost area has a limit based on its average cost of housing. San Diego's Max FNMA/FHLMC loan currently is $697,500. For those loans that exceed the base $417,000 limit there are additional underwriting restrictions and fees. Please call us to see if you qualify.
Mortgage Insurance: Companies providing mortgage insurance have come under tremendous pressure in the last year. At one time they were insuring lenders against buyers who got "no down", no doc" and "interest only" loans to 100%. In hindsight this was clearly imprudent. The claims against mortgage insurance companies are huge and many may not survive. In the last year these companies have become very conservative. Coverage for 5% down single family loans has disappeared and the maximum loan to value for most condos is 85%. Mortgage insurance is no longer available for Investor purchases.
The 2009 VA loan limit is $697,500. This is great news for veterans. A veteran can now buy a home up to $682,000 with Zero Down and finance the VA Funding Fee of 2.15% into the new limit. The seller can pay all closing costs.
The 2009 FHA loan limit is $697,500. This is great news. This is the original low down payment home loan. FHA requires 3.5% down. The down payment can be a gift from a family member. The seller can pay all closing costs.
House rich and cash poor? If you and your spouse are at least 62 years old you may be able to take Tax Free cash out of your home and never have to make a payment.
Call John (858 495-1889) or Derric (858 495-1890) for details. Every borrower's situation is different. Call for a free consultation.