The limits have been raised today. You might not be a big ol jumbo boy anymore. I know here in Northern Va we got raised to 729k, pretty much the highest it can be raised to.
Should be a pubic announcement late tomorrow, so that the stock market can adapt to this change.
Also have to wait for each company to implement the changes into their system, which could take a couple weeks. This is still very good news out there though for some people.
To remove first post, remove entire topic.
The limits have been raised today. You might not be a big ol jumbo boy anymore. I know here in Northern Va we got raised to 729k, pretty much the highest it can be raised to.
Should be a pubic announcement late tomorrow, so that the stock market can adapt to this change.
Also have to wait for each company to implement the changes into their system, which could take a couple weeks. This is still very good news out there though for some people.
It very much matters guys. FHA guidelines aren't as strict. Now don't get me wrong these are the current guidelines, I don't know if they are going to change now, because of the bump in loan amounts, but here is pretty much a run down of cool FHA guidelines.
You can do a rate and term refi to 97.75% LTV, a cash-out to 95% LTV. Which is loan divided by the value of your home. Credit can be from as low as 580 middle score, if you have a good story you can even go lower than that sometimes depending case by case. The only thing you need to be is full-doc. Which means you Debt-to-income ratio needs to be in the 40 percentile range or lower. None of this stated crap, that got us here in the first place, unless you have superb credit you can still show little docs.
This will help a lot of people out that currently have rates around the 7% to higher range. There is some other stuff like mortgage insurance that is different, but don't feel like explaining all that. All in all this is going to help quite a few people out. It's not the greatest thing in the world, but a really good start.
It very much matters guys. FHA guidelines aren't as strict. Now don't get me wrong these are the current guidelines, I don't know if they are going to change now, because of the bump in loan amounts, but here is pretty much a run down of cool FHA guidelines.
You can do a rate and term refi to 97.75% LTV, a cash-out to 95% LTV. Which is loan divided by the value of your home. Credit can be from as low as 580 middle score, if you have a good story you can even go lower than that sometimes depending case by case. The only thing you need to be is full-doc. Which means you Debt-to-income ratio needs to be in the 40 percentile range or lower. None of this stated crap, that got us here in the first place, unless you have superb credit you can still show little docs.
This will help a lot of people out that currently have rates around the 7% to higher range. There is some other stuff like mortgage insurance that is different, but don't feel like explaining all that. All in all this is going to help quite a few people out. It's not the greatest thing in the world, but a really good start.
I think what at least I am saying is with declining values as they are, people who bot within the last 2 yrs with ANY kind of program are likely unable to refinance because of appraisals.
Down here it is terrible..people are trapped who bot in the last 2 yrs because they are down 20-30% and cannot refinance even if they wanted to.
Having FHA bump numbers is good but that is only for new money on new purchases (new build or existing of course).
It really doesnt help the people in trouble from my vantage point.
I think what at least I am saying is with declining values as they are, people who bot within the last 2 yrs with ANY kind of program are likely unable to refinance because of appraisals.
Down here it is terrible..people are trapped who bot in the last 2 yrs because they are down 20-30% and cannot refinance even if they wanted to.
Having FHA bump numbers is good but that is only for new money on new purchases (new build or existing of course).
It really doesnt help the people in trouble from my vantage point.
NEW YORK (AP) -- Americans' percentage of equity in their homes fell
below 50 percent for the first time on record since 1945, the Federal
Reserve said Thursday.
Homeowners' portion of equity slipped to
downwardly revised 49.6 percent in the second quarter of 2007, the
central bank reported in its quarterly U.S. Flow of Funds Accounts, and
declined further to 47.9 percent in the fourth quarter -- the third
straight quarter it was under 50 percent.
That marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.
want to be scared?
NEW YORK (AP) -- Americans' percentage of equity in their homes fell
below 50 percent for the first time on record since 1945, the Federal
Reserve said Thursday.
Homeowners' portion of equity slipped to
downwardly revised 49.6 percent in the second quarter of 2007, the
central bank reported in its quarterly U.S. Flow of Funds Accounts, and
declined further to 47.9 percent in the fourth quarter -- the third
straight quarter it was under 50 percent.
That marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.
It will come back around, one day for them. Just a matter of how long they have to wait is the sad part. Hopefully these people don't have to move out of state for any reason.
It will come back around, one day for them. Just a matter of how long they have to wait is the sad part. Hopefully these people don't have to move out of state for any reason.
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