I am looking to buy a house within the next month. I am a first time buyer with great credit,and have had no

Asked by Nancy, 10017 Sun Mar 1, 2009

probem getting a pre-qual letter. I heard that two weeks ago the Stimulus package increased the conforming loan levels in my County from $417k to $443. However, the Banks I am talking to haven't 'caught up' with the new limits. Can you tell me how long this kind of situation usually takes to work through the Bank system? Does anyone know of any financial service entities who are already using the new limits? I have made an offer on a house and am to sign a contract in 2 weeks. I am hoping to fnd financing with the new limits. I would prefer to stay from the jumbo rates. Thank you.

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Jaspal Chhac…, , New York
Mon Mar 2, 2009
Hi Nancy

We have started using the new 'conforming limits' as recently announced by the Federal Housing Finance Agency as a result of the initiatives announced in ARRA (American Recovery and Investment Act).. here is a link to the announcement ...

http://www.fhfa.gov/webfiles/1279/CLLarra022309_final.pdf

Please feel free to call / email me to ascertain mortgage financing options that may be available. I would be able to provide you with details of options specific to your scenario with rates / closing costs to help you determine the options most suited to your individual requirements.

Jaspal Chhachhi
Sr. Mortgage Consultant
East Coast Capital Corp

T: (646) 657-1858
F: (212) 202-6165
E: jchhachhi@eastcoastcap.com
Web Reference:  http://www.mortgagebloke.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Mar 2, 2009
Hi Nancy,

Shop around...as previously stated, the new rates are out and should be available to you.

Good luck
0 votes
Marty S, , Irvine, CA
Mon Mar 2, 2009
We have lenders who are using the new limits. Sit down with a mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes
J. A. Sasser…, Agent, Huntsville, AL
Sun Mar 1, 2009
Check with other local mortgage companies, the reputable firms stay on top of the financial news and changes. You might check with a local Realtor. We usually have built a good relationship with several excellent mortgage brokers or loan officers who we know will be on top of things. I work with several who can close a loan in two weeks or less if need be. There is no excuse for any lender to be out of touch with the current markets and laws that impact the mortgage industry.
0 votes
Gregory Schr…, Agent, Beacon, NY
Sun Mar 1, 2009
A good bank knows the limits were changed. There is NO delay in the changes taking effect. Stick with a reputable loan officer and you should have no problem.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more