Comments on: Rising FHA and Conforming Mortgage Loan Limits Are Not Easy to Interpret or Implement

By: Anthony

Anthony — Thu, 26 Jun 2008 22:08:56 +0000

does anyone know if this increase in conforming loan amounts will sunset after a set period of time? I have heard it may only be in effect for one year.

By: Holly

Holly — Thu, 22 May 2008 09:38:56 +0000

Hello all!
My husband and I are in the process of getting our finances in place to buy a house this year. We found a new home in San Diego, CA worth $509,000 and submitted a prequal. To our confusion, the LO informed us that he had just received an email on 05/20/2008 that they no longer can gift a 3% down payment on an FHA loan bigger than $417,000. This really confused us as we know that FHA limits were raised. Was he not telling us the whole story? Please help

By: vinny

vinny — Sun, 02 Mar 2008 01:52:28 +0000

So, as everyone continues to wait for the loan limits to increase, rather than get a first mortgage for $417,000, and a second mortgage at a higher rate for the balance, or, a single jumbo rate, we lose out because the rates continue to climb higher and higher.

At this point, I should have just applied for a first and second mortgage, or just one jumbo, because even if I do get an increased limit conventional loan when they finally begin issuing them,, I will be paying more than I would have if I had just got the dang mortgage 3 weeks ago!!!!!

By: James

James — Sat, 23 Feb 2008 17:01:45 +0000

AWESOME work…very helpful!
Just so I am clear, there should be announcement in the next 2 weeks on new FHA limits?
Would they take effect at that point or will they announce something then and say, “these take effect on Aug 1 or whatever future date”?
Thanks for your help…in the process of buying and had hoped to do so in the next 30045 days but really was hoping for the area I am looking to raise the limit about $50,000…and according to your math, it would ($252,000 median price now x 125% gets me to $316,000)

Thanks again

By: Dustin

Dustin — Fri, 22 Feb 2008 04:33:23 +0000

WOW – it is the 21st of Feb and everyone seems confused…looks like the Secretary only has 6 more business days to set the limits…hope they are working overtime…lol

By: The XBroker

The XBroker — Thu, 21 Feb 2008 04:18:25 +0000

Tiffany…Lenders dont raise rates, the Mortgage Backed Securities market of Wall-Street determines where rates end up…

http://www.thexbroker.com/?p=85 explains this a little more in depth…

By: Tiffany Rodriguez-Taylor

Tiffany Rodriguez-Taylor — Thu, 21 Feb 2008 01:03:21 +0000

Great information! Do you think the lenders will raise the rates on the conforming products?

By: The XBroker

The XBroker — Mon, 18 Feb 2008 22:55:50 +0000

That is accurate Tammy, as far as I know. HUD’s secretary had ~30 days from the Bills passage to implement the new loan limit parameters.

By: Tammy Ritter

Tammy Ritter — Mon, 18 Feb 2008 22:37:19 +0000

When are they expecting these new loan amounts to be implemented?

I have heard in the next 2-4 weeks. Is that accurate to your knowledge?

Thanks.

By: The XBroker

The XBroker — Thu, 14 Feb 2008 01:05:35 +0000

Thx for taking the time to clarify Matt, much appreciated…