FNMA will start purchasing Coop Loans and loans for 2 Family residences utilizing the new Expanded Loan amounts on Monday June 30th under the new expanded guidelines that restrict certain types of refinace loans. $729,750 provided the coop qualifies.

Posted by: MrMortgageMan at June 27, 2008 12:52 PM in response to Jumbo-Conforming loans for co-ops

I can send you the Fannie Mae release on Monday.

Your property would qualify for a FHA loan at that loan amount, whose limits were also raised temporarily by the Stimulus Package. Also, not good for coops.

Call me if care to discuss.

Lance
718-238-7222 ext 11

Posted by: MrMortgageMan at June 21, 2008 11:49 AM in response to Jumbo-Conforming loans for co-ops

Call me. I have a solution for you.

Lance
718-238-72222

Posted by: MrMortgageMan at June 20, 2008 2:41 PM in response to getting equity line on investment condo??

Do you intend on owner occupying the property?

Call me
718-238-7222

Posted by: MrMortgageMan at June 20, 2008 2:12 PM in response to Finding a Mortgage for mixed used property

There were never any stated investor HELOC products out there, even at the height of the "good" times. Any investor HELOC was always full doc.

Yes, we have no investor HELOCs at all at this time. If you want to tap into the equity of your condo, a first mortgage is your only hope but don't bank on stated income without signing the IRS form 4506 or 4506T which allows the lender to compare your IRS records with your mortgage application!

Posted by: MrMortgageMan at June 20, 2008 2:09 PM in response to getting equity line on investment condo??

Sorry, forgot to address this part of your question....no, your "rejection" will not show up on your credit report. Only the fact that the parties involved ran your credit will be the only footprint on your credit report.

Posted by: MrMortgageMan at June 20, 2008 2:02 PM in response to Mortgage on credit report?

I don't know who you are dealing with but with a minimum 25% down payment and a loan amount of $417,000 or less, there are no restrictions for condos as the loan will fall under the Limited Review Criteria. If your loan amount is more then $417,000, there are loan programs out there but the interest rates will be in the mid to high 7% range for a non-warrantable condo

Posted by: MrMortgageMan at June 20, 2008 2:00 PM in response to Mortgage on credit report?

The Expanded Conforming Loan amounts are not good for Coops or any property more then a single family residence. There are no plans on the horizon to change this. In fact, these new loan amounts are only good until the end of the year unless they are renewed by Congress.

Also, the new limits are not priced the same as the old limits. A Jumbo loan for a coop is running about 1.5% higher then a $417,000 loan amount, currently.

The new loan limits were poisoned by constraining restrictions, sorry to say. Our government hard at work!

Posted by: MrMortgageMan at June 20, 2008 1:56 PM in response to Jumbo-Conforming loans for co-ops

The Expanded Conforming Loan amounts are not good for Coops or any property more then a single family residence. There are no plans on the horizon to change this. In fact, these new loan amounts are only good until the end of the year unless they are renewed by Congress.

Also, the new limits are not prices the same as the old limits. A Jumbo loan for a coop is running about 1.5% higher then a $417,000 loan amount, currently.

The new loan limits were poisoned by constraining restrictions, sorry to say. Our government hard at work!

Posted by: MrMortgageMan at June 20, 2008 1:55 PM in response to Jumbo-Conforming loans for co-ops

First, you need to enjoy the low interest rate and pay as much as you can to principle while the payments are low so that when time does come to make a move, you are dealing with the smallest loan amount possible. As the rates went down, I would have been pumping the excess to the principle since you were happy with the payment when you first got the loan. The $400 a month was best placed in the loan itself. You always have access to it should you need it.

Second, you need to Analyze the reason why you got the HELOC in the first place. Was it to avoid PMI? Or, perhaps, to keep your first mortgage at a conforming loan amount? Also, consider how long you will be in the property.

If you got it to avoid PMI, you may or may not have enough equity to refinance the first with the second. If you have enough equity, a refinance into the same interest rate range is your best bet, if you choose to ignore the closing costs associated with such a move. Ultimately, should all the factors fall into place, the refinance would be the right move for you.

If you got it to keep your existing loan at a conforming loan amount, nothing has changed in that regard.

Generally, locking in the interest rate on a HELOC is an expensive venture as the rates they offer to lock are designed to make the banks more money.

Posted by: MrMortgageMan at June 20, 2008 1:50 PM in response to locking in HELOC -need advice from people in the know!

The Expanded Conforming Loan amounts are not good for Coops or any property more then a single family residence. There are no plans on the horizon to change this. In fact, these new loan amounts are only good until the end of the year unless they are renewed by Congress.

Also, the new limits are not priced the same as the old limits. A Jumbo loan for a coop is running about 1.5% higher then a $417,000 loan amount, currently.

The new loan limits were poisoned by constraining restrictions, sorry to say. Our government hard at work!

Posted by: MrMortgageMan at June 20, 2008 1:56 PM in response to Jumbo-Conforming loans for co-ops

Sorry, forgot to address this part of your question....no, your "rejection" will not show up on your credit report. Only the fact that the parties involved ran your credit will be the only footprint on your credit report.

Posted by: MrMortgageMan at June 20, 2008 2:02 PM in response to Mortgage on credit report?

Call me. I have a solution for you.

Lance
718-238-72222

Posted by: MrMortgageMan at June 20, 2008 2:41 PM in response to getting equity line on investment condo??

Nothing more than a single-family?

Not according to the OFHEO website:
http://www.ofheo.gov/newsroom.aspx?ID=418&q1=0&q2=0

It states:
"Washington, DC – The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas. .... The maximum for temporary jumbo conforming loan limits, which apply to loans originated in the period between July 1, 2007 and December 31, 2008, are as high as $729,750 for one-unit homes in the continental United States. TWO, THREE AND FOUR-UNIT HOMES HAVE HIGHER LIMITS AS WELL." (My emphasis added).

The PDF from that website with the actual rates is here:
http://www.ofheo.gov/media/hpi/AREA_LIST.pdf

And contains these numbers for NYC Metro area:
NY New York-Northern New Jersey-Long Island, NY-NJ-PA (Metropolitan Area)
Component Counties (NY): Bronx, Kings, Nassua, New York, Putnam, Queens, Richmond, Rockland, Suffolk,
Westchester

1-Unit: $ 729,750
2-Unit: $ 934,200
3-Unit: $1,129,250
4-Unit: $1,403,400

I have a 3-unit townouse in Gowanus and am looking to refi at the new conforming rate. If I read thesee numbers correctly, as long as my loan amount is under $1.129M, I'm solid.

Am I missing something? This seems pretty clear to me.

Posted by: guest at June 20, 2008 3:03 PM in response to Jumbo-Conforming loans for co-ops

I can send you the Fannie Mae release on Monday.

Your property would qualify for a FHA loan at that loan amount, whose limits were also raised temporarily by the Stimulus Package. Also, not good for coops.

Call me if care to discuss.

Lance
718-238-7222 ext 11

Posted by: MrMortgageMan at June 21, 2008 11:49 AM in response to Jumbo-Conforming loans for co-ops

FNMA will start purchasing Coop Loans and loans for 2 Family residences utilizing the new Expanded Loan amounts on Monday June 30th under the new expanded guidelines that restrict certain types of refinace loans. $729,750 provided the coop qualifies.

Posted by: MrMortgageMan at June 27, 2008 12:52 PM in response to Jumbo-Conforming loans for co-ops

can i get my deposit back on a new construction condo if the actual unit differs in dimension as promised in the offering plan? also, is there an outside date on how long a sponsor can hold your deposit even if a delivery date is not specified in your contract/offering plan?

thanks.

Posted by: guest at July 2, 2008 3:07 AM in response to Mortgage on credit report?

Can someone clean off "gibbswill" and "steaven" and their dumb spam?

I think the lesson here is ... read your contract. A contract can say anything, and if it doesn't have a clause that says you can get your deposit back if your mortgage is denied, don't sign it unless you don't need a mortgage.

Posted by: amanda at July 16, 2008 9:55 AM in response to Mortgage on credit report?