Summit County High-Cost Max Loan Amounts to Decrease on October 1st, 2011

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Summit County High-Cost Max Loan Amounts to Decrease on October 1st, 2011

It’s likely many mountain homeowners haven’t heard that the high-cost maximum loan amounts as defined by FNMA & FHMLC are going down. Currently, borrowers can finance up to $729,750 and still qualify for the conforming conventional interest rate in some areas of the country. Loan amounts above the maximum are subject to higher “Jumbo” mortgage pricing. With the recent fall in home prices and the higher profitability of Jumbo loans for mortgage banks (higher spreads), October 1st brings the first decrease in the maximum loan amounts since I’ve been in business as a mortgage originator (1993). The maximum loan at each of the three federal mortgage giants will fall to $625,500. For Coloradoans, the counties affected are Summit, San Miguel, Routt, Pitkin, Lake, Eagle & Boulder. Word on the street is that housing and realty lobbies are pushing for a continuation of the $729,750 high-cost area maximum, but banks don’t appear to be along for the ride. For more information […]

by jberman
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JB Group Weekly Tweet Recap for 2011-07-10

Servicers Speed Up HAMP Conversions. More to Become Eligible http://ow.ly/1dDr8T # Industry Wants Better Explanation on Loan Disclosure Reform – Last week, as reported here the new Consumer Financial… http://ow.ly/1dEKK1 # I posted 10 photos on Facebook in the album "Village @ Breckenridge" http://fb.me/ABBjyUC1 # We are now financing Village @ Breckenridge Condos. 80% Non-Owner Occupied Purchase & R/T Refinances. 75% Cash-Out! http://fb.me/CZdWeM44 # HUD Gives Jobless Homeowners Extra Time to Catch Up – The Department of Housing and Urban Development (HUD) has modi… http://ow.ly/1dG4wy # Loan Servicing Reform Key in Housing Recovery – Officials of both the Mortgage Bankers Association (MBA) and the Fed… http://ow.ly/1dHo0W #

by jberman
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JB Group Weekly Tweet Recap for 2011-07-03

Private Capital at Work in Affordable Rental Housing – While they aren't a new concept, the second issue of the HUD … http://ow.ly/1du4RS # The Million Dollar Question: Have Home Prices Bottomed? – Woohoo! The April S&P/Case-Shiller Home Price Indices … http://ow.ly/1dvo0F # FEEDBACK NEEDED: Simplifying Mortgage Disclosures – Transparency is critical and today much of the paperwork associa… http://ow.ly/1dwFPA # Foreclosure Sales Lag as Banks Walk Inventory Tightrope – Foreclosure sales have not regained the momentum they had … http://ow.ly/1dxYbE # Seeing Rental Housing as a Social Service Platform – According to the Department of Housing and Urban Development's … http://ow.ly/1dzfu4 #

by jberman
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JB Group Weekly Tweet Recap for 2011-06-26

Excellent video post from TBWS. http://fb.me/PpnK1ANX # Fannie Mae Downgrades Outlook. Housing Stuck in a Rut – At the second anniversary of the current economic expansion,… http://ow.ly/1dlQ0c # Looking forward to this. http://fb.me/AwfGjgQM # HUD Aims to Correct Rental Housing Misconceptions – Affordable rental housing is the focus of the second edition of … http://ow.ly/1dnbrU # Economists Argue Over Mortgage Interest Deductibility –  (Editor's Note:  This is the second in a series o… http://ow.ly/1dowW2 # Nothing New in New Home Sales. Two Times! – The Census Bureau and Department of Housing and Urban Development have r… http://ow.ly/1dpQt7 #

by jberman
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JB Group Weekly Tweet Recap for 2011-06-19

FDIC Chair Casts Doubt Over "Risk Retention" Exemptions – Federal Deposit Insurance Corporation Chair Sheila Bair re… http://ow.ly/1ddE3S # Barclays: New Compensation Rules Will Shrink Broker Channel – http://ow.ly/5h2eX # Good pt. – "The most regulated, tested, & educated sector of the industry that writes loans just saw their numbers fall again." – TBWS Brian # Home Construction Market Faces All Sorts of Headwinds: NAHB – The National Association of Homebuilders (NAHB) today … http://ow.ly/1dggwV # Building Permit Issuance Up. Cost Squeeze Slows Groundbreaking http://ow.ly/1dhxLW #

by jberman
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