Brian Scott Cohen's Profile
- Brian Scott Cohen
- 2002
- Brooklyn
- Park Slope
- Condo
- Finance
- Male
- 27
- http://www.brianscottcohen.com
Author's Posts
July 15, 2008
COOP's AND THE NEW LIMIT
Not all news these days is bad news. As of two weeks ago they have raised the loan limit on Coop's to 729,750 for conforming loans. It now applies to Coop's, single family houses and condo's.
There are still people and companies out there lending you just have to qualify now. You need income and credit. The government is working hard to try and pass a new act to stop no income verification loans and make other changes that have brought us to today's market.
Author's Comments
Home Equity Lines of credit financing has definitely tightened up. If you can get 80% financing on a heloc that is fantastic most banks now capped between 65-70% financing. Also some banks have floor rates even though heloc's are tied to prime rate. The rates are usually prime plus right now rather than previously of prime minus.. Look out for prime rate to increase in the near future
Posted by: Brian Scott Cohen at June 6, 2009 2:18 PM in response to Tough Times for Getting a Home Equity Loan
Please give me more info about your loan Jumbo? Conforming? where are you buying and is it new construction condo temp loan limits?
Posted by: Brian Scott Cohen at December 10, 2008 9:32 PM in response to PMI Rejected
Responses to Author's Forum Comments
Cottontop,
Thanks for the response on your experience, that is helpful. We have decided to push back closing till we have the 20% (and are fortunate in that the seller does not appear in a rush to close either). We are also keeping an eye on the chatter around the 4.5% interest rate. That would be an incredible silver lining (though I agree - now is a very scary time to be purchasing).
Thanks to all for your feedback!
Posted by: spyre98 at December 15, 2008 2:02 PM in response to PMI Rejected
spyre98:
good post on this at urbandigs to start the new year.
http://www.urbandigs.com/2009/01/mortgages_market_update_0109.html
His take is that it's 20%+ or FHA, or the highway.....basically as far as options.
4.5% is still going to take a while, treasuries have gone down and hit 2% but the spread to MBS is increasing so the overall mortgage rates haven't made as much headway.
Posted by: invisible at January 3, 2009 2:28 AM in response to PMI Rejected
Loan limits are still temporary and may be decreasing back down at the end of this year. So take advantage of the rates while they last. Banks are definitely backed up, but if you can lock a good rate and save money it's worth the wait
Posted by: Brian Scott Cohen at June 6, 2009 2:22 PM in response to Despite Low Interest Rates, Few Refinancings in New York