Member:
Executives Association of San Diego
Member & Sponsor: San Diego Cyclo-Vets
Licensed by the CA Dept of Real Estate #01090117
Nationwide Mortgage Licensing System #290313
NEWS you can use!!
FNMA and FHLMC Agency Jumbo limits to be reduced 10-1-2011.
The conforming limit is $417,000 with a twist. FNMA and FHLMC will allow "high cost" areas to exceed the limit up to a max $725,000. Each high cost area has a limit based on its average cost of housing. San Diego's Max FNMA/FHLMC loan currently is $697,500. However, the limit will decrease to $536,500 effective 10-1-2011. For those loans that exceed the base $417,000 limit there are additional underwriting restrictions and fees. Please call for details.
Mortgage Insurance: Mortgage Insurance has become more available in the last several months. MI companies will now allow mortgage insurance on qualifying Condos up to 90% loan to value. The MI companies require excellent credit scores as well as at least 70% owner occupancy in Condo projects. Other restrictions apply.
The 2011 VA loan limit is $697,500. This is great news for veterans. Zero down up to the San Diego County VA Loan Limit of $537,500, Up to $697,500 with 25% down on the loan amount above $537,000 to $697,500.
The 2011 FHA loan limit is $697,500. This is great news. This is the original low down payment home loan. FHA requires 3.5% down. The down payment can be a gift from a family member. The seller can pay all closing costs.
House rich and cash poor? If you and your spouse are both at least 62 years old you may be able to take Tax Free cash out of your home and never have to make a mortgage payment.
Call John (858 495-1889) or Derric (858 495-1890) for details. Every borrower's situation is different. Call for a free consultation.