2014 is shaping up to be another year of significant changes in the mortgage and real estate industry that will affect home buyers, home owners and all others involved in the real estate and finance industry. My goal is to explain and help you understand How the Qualified Mortgage and Ability To Repay Rule will [...]
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HUD just announced a big reduction in the Riverside County max FHA loan limit, down to $355,350, starting January 1, 2014. That’s a $144,650 928.9%) reduction in maximum loan limit! The max FHA loan limit in the Riverside County/San Bernardino/Ontario MSA has been $500,000 since 2008 when the Economic Stimulus Act (ESA) was passed to [...]
My Agent Spotlight Series begins with Jeff Menendez, a tech savvy Corona/Inland Empire Real Estate Agent with TMG Group/Keller Williams Realty. Jeff can be reached at (951) 821-6683 and I would encourage you to follow his blog, and on Twitter, Google+, AboutMe, Facebook, and LinkedIn. Me: When and why did you become a real estate [...]
After much talk of reducing the maximum Conventional Conforming and High Cost (Jumbo) County loan limits in California for 2014, FHFA announced the $417,000 loan limits will remain unchanged for Fannie Mae/Freddie Mac Conventional financing. However, HUD REDUCED their FHA conforming loan limit for 2014 as announced in Mortgagee Letter 2013-43! FHA has ‘floors’ and [...]
How Much Can I Qualify For or Borrow When Buying A Home? No doubt the two most common questions I’m asked by home buyers. I’m writing this because there are a lot misconceptions about qualifying criteria and guidelines in general, but even more so about how mortgage lenders determine a borrowers maximum qualifying amount. Who [...]
Mortgage rates last week improved an average of .125% to .250% in rate because the MBS (Mortgage Backed Securities) market recovered more than half of the sell off that we experienced on Friday, November 8th. And today, November 18th, the bond market improved even more (lower rates). Mortgage Rates Currently Trending: LOWER! Many lenders will [...]
Mortgage rates have remained steady through middle part of October but last week we saw rates deteriorate an average of .125% by Thursday. Mortgage Rates Currently Trending: HIGHER! Depending on the lender, as we saw MBS (Mortgage Backed Securities) pricing deteriorate and test the support level of 102.00 after the announcement from the Fed meeting [...]
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