Jumbo conforming rolling back to $729,750 for rest of 2009.

By -

However, as you should know by now, just because it was signed doesn’t make it effective immediately.

Here’s what needs to happen before you can get a $729,750 loan (sent by one of my wholesale lenders)

IMMEDIATE ATTENTION REQUIRED…

Recently, the President signed into law the new stimulus bill – called the American Recovery and

Reinvestment Act of 2009.

For conventional and FHA loans, the Act temporarily reverts the current loan limits back to the loan

amounts/levels allowed in 2008 with the Economic Stimulus Act. Three things must happen before

LENDER can accept loans with higher loan amounts:

1. The Agencies (Fannie Mae and Freddie Mac) and FHA must determine whether pricing, policy and/or

delivery requirements will be changed.

2. The Agencies and FHA must communicate their requirements to mortgage lenders.

3. LENDER must identify impacts caused by the Agencies’ and FHA’s requirements and implement the

changes.

Watch for additional information in the future about dates and specific changes. Until official notice of

the effective date for the American Recovery and Reinvestment Act of 2009 loan limits, Brokers should

continue to follow existing polices and processes regarding loan limits.

Sunil Sethi

www.sunilsethi.com

Comments

Niki said…
Thanks for the update on the timing -- I knew the limits had been updated but wondered why my local lender was not on top of it yet!
Monday, March 30, 2009 6:51:00 AM
Niki said…
Thanks for the explanation as to why local lenders might not yet be on top of this new legislation!
Monday, March 30, 2009 6:52:00 AM
Post a Comment

Popular posts from this blog

Mission Lakes Neighbors Ask Union City Mayor and Council to ​Rethink East West Connector

By -
Tomorrow ​ (2/27/18)​ will be your LAST, but also BEST opportunity to stop the East West Connector as currently planned.   The city council was trying to rush this decision through quietly.  But this is now receiving the attention it deserves.  Mercury News blasts funding diversion from Rail to Highway: https://www.mercurynews.com/ 2018/02/26/union-city-looks- to-divert-75-million-in- public-transit-funds-for-new- 320-million-road/ Bike East Bay declares Opposition to East West Connector Proposal: https://www.mercurynews.com/ wp-content/uploads/2018/02/ bike-east-bay-opposition-to- east-west-connector-proposal. pdf East Bay Times provides additional information on UC fiscal emergency: https://www.eastbaytimes.com/ 2018/02/22/union-city-council- to-weigh-fiscal-emergency- declaration/ The East West Connector has been on the books since the 60s and reflects the thinking of that era.  This $320M road is oversized.  This 90ft wide road will cross the Old Alameda Creek twice and will const...
Read more

Fremont's New Housing Legislation is another step in the right direction!

By -
Image
Fremont has now taken another step into the future, requiring that all new houses be delivered ready for the installation of electric-car charging stations.  According to the  East Bay Times , the city of Fremont has announced that any new housing project must include both solar panels and the electrical wiring required for the installation of a charging station Will this new legislation make the ownership of electric vehicles even more appealing to residents? Will Fremont turn into a zero-emission vehicle hub? http://www.greencarreports.com/news/1110317_solar-panels-ev-chargers-required-in-new-homes-in-fremont-ca Sunil Sethi  /  REALTOR,  Broker, MBA, CPA(inactive), GREEN Sunil Sethi Real Estate   38750 Paseo Padre Pkwy #B3, Fremont, CA 94536   www.sunilsethi.com BRE #01173766                              
Read more

Important Easement Information

By -
Image
  it's definitely worth being concerned about encroachments, especially in situations where someone is using a small portion of their neighbor's property without permission. Even if the neighbor is currently okay with it, there's no guarantee that they'll continue to be permissive in the future. It's definitely a problem that needs to be addressed prior to close of escrow. This is where property easements come into play, as they provide legal permission for someone to use a portion of another person's property for a specific purpose. It's important to understand the details of any easements that may be relevant to your situation, as they can impact your rights and obligations as a...
Read more