I would like to pass on to you about the 2009 conforming loan limit increases for the following counties. For all counties not listed the 2009 conforming loan limit of $417,000 will remain in place.
Salt Lake County
$600,300- 1-Unit
$768,500 - 2-Unit
$928,950 - 3-Unit
$1,154,450 4-Unit
Summit County
$600,300
$768,500
$928,950
$1,154,450
Tooele County
$600,300
$768,500
$928,950
$1,154,450
Davis County
$389,850
$499,050
$603,250
$749,700
Morgan County
36260
UT
$389,850
$499,050
$603,250
$749,700
Weber County
36260
UT
$389,850
$499,050
$603,250
$749,700
Wasatch County
25720
UT
$325,450
$416,600
$503,600
$625,850
Washington County
41100
UT
$278,300
$356,250
$430,650
$535,200
801-649-5883
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Marina Vialtsina
Showing posts with label loan limit. Show all posts
Showing posts with label loan limit. Show all posts
Thursday, November 20, 2008
Monday, July 7, 2008
This is Not Your Father's FHA
NAR hears the concerns Realtors have about FHA loans - either they are either too cumbersome to process or that the higher loan limits aren't needed in their particular market.
The new reality is that FHA modernization, in addition to increased FHA loan limits, is designed to help Realtors do what they do best- put people into homes.
Consider that:
100% financing options are becoming a thing of the past, and FHA is becoming a major player for people buying a home or refinancing an existing one.
The homebuyer tax credit will attract active purchasers to the market and help stabilize housing prices.
It is projected that the FHA marketshare of new home loans will increase fivefold between 2007 and 2009.
Many Realtors are stuck thinking of the FHA of old - but FHA has streamlined its application process, and eliminated the requirement for a separate inspection. If you use a qualified FHA lender, processing an FHA loan is comparable to a conventional loan.
Even if your community is not a high cost area, raising the FHA and GSE loan limits will provide liquidity in the market and make mortgage money more available and affordable to borrowers nationwide.
This is Not Your Father's FHA. Throw in the new provision for tax credits and it is obvious that Realtor support for this bill is a no brainer. The Housing Stimulus bill being debated now includes FHA modernization.
Please call me if you are looking for FHA lenders: I know few who do fast FHA and Utah Housing loans.
The new reality is that FHA modernization, in addition to increased FHA loan limits, is designed to help Realtors do what they do best- put people into homes.
Consider that:
100% financing options are becoming a thing of the past, and FHA is becoming a major player for people buying a home or refinancing an existing one.
The homebuyer tax credit will attract active purchasers to the market and help stabilize housing prices.
It is projected that the FHA marketshare of new home loans will increase fivefold between 2007 and 2009.
Many Realtors are stuck thinking of the FHA of old - but FHA has streamlined its application process, and eliminated the requirement for a separate inspection. If you use a qualified FHA lender, processing an FHA loan is comparable to a conventional loan.
Even if your community is not a high cost area, raising the FHA and GSE loan limits will provide liquidity in the market and make mortgage money more available and affordable to borrowers nationwide.
This is Not Your Father's FHA. Throw in the new provision for tax credits and it is obvious that Realtor support for this bill is a no brainer. The Housing Stimulus bill being debated now includes FHA modernization.
Please call me if you are looking for FHA lenders: I know few who do fast FHA and Utah Housing loans.
Friday, March 7, 2008
New FHA, Fannie Mae and Freddie Mac Loan Limits
My Dear Clients and Blog Readers: Further information is provided by Dick Gaylord, 2008 NAR President.
I know I have been mentioned this news before. Here it is some relief to our current market conditions, and it arrived today: the new FHA and Fannie Mae- Freddie Mac conforming loan limits have been released by the U.S. Department of Housing and Urban Development.
To find out the new limits in your area, simply click on this link: http://go-to.realtor.org/r/3OS1G5/C5JMU/ZB4YT4/DKPVD/J9A5D/B7/h, which will take you to the "mortgage limits" page at the HUD web site. On that page, enter your state and county information, chose the type of loan from the "Limit Type" drop-down box (FHA Forward, Fannie/Freddie or HECM). [Note: FHA Forward is what HUD is calling the temporary FHA loan limit.] Then click the "send" button at the bottom of the page. On the results page, you'll see the new loan limit for the type of loan you selected for your area.
You can also find a county-by-county listing of the new FHA and Fannie Mae-Freddie Mac loan limits at REALTOR.org by following this link: http://www.realtor.org/GAPublic.nsf/files/chart_hud_loan_limits_08.pdf/$FILE/chart_hud_loan_limits_08.pdf
The new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
Association is Realtors expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
As NAR research points out, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the mortgage market.
An economic impact study conducted by NAR in January 2008 estimated that increasing the GSE conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill's signing by President Bush on February 13. NAR strongly supported this economic stimulus package because of the relief we felt it would bring our members.
I know I have been mentioned this news before. Here it is some relief to our current market conditions, and it arrived today: the new FHA and Fannie Mae- Freddie Mac conforming loan limits have been released by the U.S. Department of Housing and Urban Development.
To find out the new limits in your area, simply click on this link: http://go-to.realtor.org/r/3OS1G5/C5JMU/ZB4YT4/DKPVD/J9A5D/B7/h, which will take you to the "mortgage limits" page at the HUD web site. On that page, enter your state and county information, chose the type of loan from the "Limit Type" drop-down box (FHA Forward, Fannie/Freddie or HECM). [Note: FHA Forward is what HUD is calling the temporary FHA loan limit.] Then click the "send" button at the bottom of the page. On the results page, you'll see the new loan limit for the type of loan you selected for your area.
You can also find a county-by-county listing of the new FHA and Fannie Mae-Freddie Mac loan limits at REALTOR.org by following this link: http://www.realtor.org/GAPublic.nsf/files/chart_hud_loan_limits_08.pdf/$FILE/chart_hud_loan_limits_08.pdf
The new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
Association is Realtors expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
As NAR research points out, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the mortgage market.
An economic impact study conducted by NAR in January 2008 estimated that increasing the GSE conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill's signing by President Bush on February 13. NAR strongly supported this economic stimulus package because of the relief we felt it would bring our members.
Saturday, February 23, 2008
How New FHA, GSE Loan Limits Impact You
Few posts ago, I have mention that new limit is coming....so, now, when it is here, how is it impacting you?
Last week, President Bush signed into law a $152 billion economic stimulus bill that includes temporary increases in loan limits for the government sponsored enterprises (GSEs) — Fannie Mae and Freddie Mac — and the Federal Housing Administration until Dec. 31. But what does this mean for you?
The NATIONAL ASSOCIATION OF REALTORS® launched a new resource Web page, http://www.realtor.org/gapublic.nsf/pages/economic_stimulus devoted to educating you about the new loan limits, which loans are eligible, and the implementation of these temporary limit increases.
NAR has developed estimates of the FHA and GSE single-family loan limits (http://www.realtor.org/GAPublic.nsf/files/new_loan_limits.pdf/$FILE/new_loan_limits.pdf) by state and county so that you can get a sense of how the loan limits will rise in your markets. As you can see, Nevada, for instance, is mentioned, but nothing was done for Las Vegas. However, Salt Lake City is there: FHA limit used to be $362,790, now it is $546,875 and same for GSE limit. Other effected Utah cities are Garfield, Grand, Iron, Juab, Kane, Millard, Morgan, Piute, Rich, San Juan, Sanpete, Sevier, Summit, Tooele (same before anf after numbers as SLC), Uitah, Utah, Wasatch, Washington, Wayne, Weber. As you see some cities are missing?
"The importance of immediately implementing the new limits cannot be overstated," said NAR President Richard Gaylord last week in a public statement. "Mortgage markets throughout the country need liquidity. Our research indicates that the increased FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their homes.”
The FHA limit will increase to as much as $729,750 in high cost areas (to 125 percent of local median home prices). The GSE limit will jump to $729,750 for loans; currently Fannie Mae and Freddie Mac loans are capped at $417,000. So, when you hear and see these numbers, please know it is not about all of us.
Eligible loans from FHA include mortgages that were issued for credit approval on or before Dec. 31, 2008. GSE loans that are eligible include loans that originated after July 1, 2007 to Dec. 31, 2008.
The U.S. Department of Housing and Urban Development is required to publish the new mortgage limits by March 14; the limits will be effective for FHA immediately upon publication.
"This will be a major stimulus for the housing industry and for people who want to own a home,” Gaylord said.
Last week, President Bush signed into law a $152 billion economic stimulus bill that includes temporary increases in loan limits for the government sponsored enterprises (GSEs) — Fannie Mae and Freddie Mac — and the Federal Housing Administration until Dec. 31. But what does this mean for you?
The NATIONAL ASSOCIATION OF REALTORS® launched a new resource Web page, http://www.realtor.org/gapublic.nsf/pages/economic_stimulus devoted to educating you about the new loan limits, which loans are eligible, and the implementation of these temporary limit increases.
NAR has developed estimates of the FHA and GSE single-family loan limits (http://www.realtor.org/GAPublic.nsf/files/new_loan_limits.pdf/$FILE/new_loan_limits.pdf) by state and county so that you can get a sense of how the loan limits will rise in your markets. As you can see, Nevada, for instance, is mentioned, but nothing was done for Las Vegas. However, Salt Lake City is there: FHA limit used to be $362,790, now it is $546,875 and same for GSE limit. Other effected Utah cities are Garfield, Grand, Iron, Juab, Kane, Millard, Morgan, Piute, Rich, San Juan, Sanpete, Sevier, Summit, Tooele (same before anf after numbers as SLC), Uitah, Utah, Wasatch, Washington, Wayne, Weber. As you see some cities are missing?
"The importance of immediately implementing the new limits cannot be overstated," said NAR President Richard Gaylord last week in a public statement. "Mortgage markets throughout the country need liquidity. Our research indicates that the increased FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their homes.”
The FHA limit will increase to as much as $729,750 in high cost areas (to 125 percent of local median home prices). The GSE limit will jump to $729,750 for loans; currently Fannie Mae and Freddie Mac loans are capped at $417,000. So, when you hear and see these numbers, please know it is not about all of us.
Eligible loans from FHA include mortgages that were issued for credit approval on or before Dec. 31, 2008. GSE loans that are eligible include loans that originated after July 1, 2007 to Dec. 31, 2008.
The U.S. Department of Housing and Urban Development is required to publish the new mortgage limits by March 14; the limits will be effective for FHA immediately upon publication.
"This will be a major stimulus for the housing industry and for people who want to own a home,” Gaylord said.
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