Can I refinance my jubmo loan into regular loan if the loan limit raise?

Asked by Joyce, San Jose, CA Wed Feb 13, 2008

Help the community by answering this question:

+ web reference
Web reference:

Answers

10
, ,
Thu Feb 14, 2008
I just want to make sure everyone is clear on this new conforming loan increase. HUD still needs to finalize the numbers based on median home prices in each area (MSA). They have up to 30 days to do this. I have even read reports saying it could take 60 days. I believe someone said this takes effect immediately but I can assure you that is not accurate. As soon as HUD finalizes the numbers then the lenders will be able to start making loans under the new loan limits and guidelines.
1 vote
, ,
Wed Feb 13, 2008
The new conforming loan limits in the San Jose area will be $729,750. However, this will not be finalized for a little while. HUD still has to finalize the median home prices to determine the new loan limits and lenders will also need to make changes to their guidelines and systems. As Michael said, it depends on the value of your home and how ,much equity you have . Assuming you have at least 10% equity (preferably 20%) then you should be ok refinancing.
1 vote
Scott Gormley, , California
Sat Mar 22, 2008
Conforming Home Loan Limits in Orange County have temporarily increased from:
$417,000 to $729,750 until December 31st, 2008

Do you fit into the box of what banks are looking for?
Here’s the checklist. If you can answer yes to all these questions, call me!
You’re currently in a mortgage rate at (or set to go over) 6%
You have 700+ Mid FICO® scores
All borrowers have a stable job history for the past 2 years
The property is an owner-occupied, single family residence
You have a minimum 20% equity position in the property
You have the ability to provide full documentation of income & assets
You have no mortgage lates in the past 12 months
You want a better mortgage
Sound Demanding?
It is, but it’s worth it!

As Non-Conforming rates climb over 8% for a 30 year fixed and continue to rise, now is the time to take advantage of the “Economic Stimulus Package” and get into a great 30 year fixed rate.

Scott Gormley
Broker/Owner
Beach Town Mortgage, Inc.
Direct: 949-916-1460
Website: BeachTownMortgage.com
Email: Scott@BeachTownMortgage.com
Web Reference:  http://www.CALoan.com
0 votes
Andrea Wince…, Agent, Milpitas, CA
Thu Mar 13, 2008
It's official. Loan limits have now been raised up to $729,950 in Santa Clara County. Great news. Talk to your lender now about your refinance. I don't do loans but I work with a reputable lender that can help if you need it. You can contact me at my website below.
0 votes
Infinity Rea…, , Saratoga, CA
Tue Feb 26, 2008
I wouldnt hold your breath on weeks, although i wish it were tomorrow. Talking to my bank contacts and lenders, i have been hearing 2-6 months. 6 months seems like the favorite as from talk the last FHA change of this caliber took almost 6 months to implement.

With that being said we could see an extension in time for this loan limit increase, or hopefully an overall adoption of it.

Keep checking in.
0 votes
Pam Winterba…, Agent, Danville, VA
Wed Feb 13, 2008
John....

I just received this email from the California Association of Realtors since my last post. Hope it helps.

PRESIDENT SIGNS $168 BILLION ECONOMIC STIMULUS BILL
President Bush today signed off on the $168 billion stimulus package approved by Congress last week, which, in addition to tax rebates for millions of working Americans and business owners, includes a vital, but temporary increase in the conforming loan limit. The economic stimulus package will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as much as $729,750 in high-cost areas for loans originated between July 1, 2007 and Dec. 31, 2008.
0 votes
Realtor, ,
Wed Feb 13, 2008
Joyce it would be good to discuss your situation with a mortgage broker. If you need a reference I have some to give you. Good luck.
0 votes
Terri Vellios, Agent, Campbell, CA
Wed Feb 13, 2008
I understand that eventhough the higher limit will fall under conforming loans, that there may be higher interest as well, since the higher amount is still a higher risk to the investor.
Web Reference:  http://www.terrivellios.com
0 votes
Pam Winterba…, Agent, Danville, VA
Wed Feb 13, 2008
Joyce.....

The president signed the bill today and it is my understanding that it is effective immediately and the loan limit will remain till the end of the year. If you have equity in your property you should be able to refinance to fall under the conforming loan limits. I would consult with your local lender to see if you and the property qualify. Good luck.
0 votes
Michael Vale…, Agent, Pleasanton, CA
Wed Feb 13, 2008
Joyce, yes you can but it depends on the value of your home. If the value of your home has gone down recently you may not be able to. Lenders t ypically will only refinance if your loan is a maximum of 90% of the value of your home.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more