Conforming Loan Question
We are looking to buy a coop or condo in Brooklyn. We recently spoke with a mortgage broker who told us that per Fannie Mae guidelines, the maximum loan we could get would be $417K if we put down less than 20% (we plan to put down about 15%, but $417K puts us just shy…
We are looking to buy a coop or condo in Brooklyn. We recently spoke with a mortgage broker who told us that per Fannie Mae guidelines, the maximum loan we could get would be $417K if we put down less than 20% (we plan to put down about 15%, but $417K puts us just shy of what we were hoping to spend). Our understanding was that that limit was higher, something like $625K in high-cost areas like NYC, buy she told us this increased limit was only for FHA loans. Is that correct?
Thanks,
Jessica
This is incredibly helpful, cannot thank you enough Adam. Thank you! And everybody else too.
Borrowing by consumers fell by $15.7 billion in April as U.S. households continued to trim spending and put away their credit cards amid a severe recession.
The Federal Reserve says the April decline was the second largest ever in dollar terms following March’s drop of $16.6 billion. March’s decline originally was reported as $11.1 billion, which had been the most on records dating to 1943.
The April decline is more than double the $6 billion drop that economists had expected.
You have some serious control issues what. Again classless.
Had two purchases this week, both were FTHB and both got great rates. Rates will simmer back down.
In the mean time you are and will continue to be a classless loser.
Hey Fuckface! When the retards was “dancing and prancing” throwing out poor people from their homes and neighborhoods no one cared then so why I should give a fuck about them???!!!
Remember “Real Estate only goes up”, Riiiiiiiiiiiggggggghhhhhhhhttt???????!!!!!
I see you lost some your swagger Adam, what happen between now and last week????
Fuck all of you, Seriously!!! Now go tell your clients you have FAILED!!!!
The What (Adam Dahill just go PWNED!!)
Someday this war is gonna end…
Adam, I think you are talking your book to a certain extent. Adam, no doubt people will be coming in to refi/buy houses in larger numbers if the Fed comes in and buys Treasuries, pushing rates down again. The problem with that decision is that it crushes the dollar, which in truth really isn’t good for anyone except those who overextended themselves and used all of their savings to buy a house that was at or above their means. What we need is the true correction back to real pricing where homes cost three to four times annual salaries and people reduce their debt to historical levels.
I do agree with you that the market is getting ahead of itself, but what we need is to reverse the absurd leveraging that occurred for the last decade.
What- You are a classless bully. Existing home sales were up 6.7% because rates were held below 5%. All those FTHB that are currently in contract are going to blow their escrow since they can no longer qualify. Rates moving this quickly will squash any housing recovery that we are starting to see throughout the US. You will see the DOW selloff again within the next few weeks and rates will drop along with it.
The market is getting ahead of itself. The DOW rallys 200pts the day GM goes bust? Those 250 thousand GM employees are going to be filing for unemployement in the next few weeks. How do you think that Jobs report will look?
“Bernanke needs to come in here and start buying treasuries to make MBS look more attractive. ”
Adam you’re are fucking retard!!!!!!!!!!!!!! You know damn well if The Fed announce that the Bond Market will implode!!! Stop fucking lying to yourself and others OK!!!!!
“UGLY. The Fed needs to step in and push them back down.
Posted by: Adam Dahill at June 5, 2009 9:42 AM”
The Bond Market is telling Bernanke to get bent!
Take a look right here!
http://www.bloomberg.com/markets/rates/index.html
Say Buh Bye Retards
The What
Someday this war is gonna end…
This is not a specific recommendation for your situation since your specific circumstance is unknown, but generally for future homebuyers the best bet would be to wait and save so you can put a bigger percentage down or ideally pay cash. Otherwise, you are basically using excessive leverage which easily could go against you as many homebuyers have recently discovered.
“The Fed needs to step in and push them back down.”
We’re in this mess because of the Fed’s meddling. Abolish the Fed.