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Lender rating
Since January 2009
Lender rating
Since January 2009
Lender rating
Since January 2009
"Denny Gregorio, what's with your bogus triple wrong routine? Are you questioning my statement that we now have a high conforming loan limit of $729,500, in Orange County, California? "
Bob, you really should not pretend like you know what you are talking about, it's embarrassing to have to keep correcting you. One would think you would have done at least an ounce of research before you came back to draw further attention to how little you know.
A) There was never a limit of $729,500, it was $729,750
B) That ended January 1, 2009 and the new limit is $625,500 (pending possible further legislation to reinstate it)
Please educate yourself if you want to be taken seriously as a professional.
Now I assume once you realize you are wrong you will come back and say how much of a bully I am play the victim card but this is an advice forum; I assume they prefer the correct advice and not something from Bob's fantasy world.
Lender rating
Since January 2009
They did - on February 13th it was passed by the legislature, and signed into law by President Obama, on Tuesday - to commemorate President's Day. Here is an excerpt from a discussion posted on the White House Blog: ( see WhiteHouse.gov/blog )
Q Can I ask about income -- just to follow up -- there are people who are struggling in San Francisco with million-dollar mortgages, even though they have two incomes and things like that. Would they be -- would any of those people be eligible?
SECRETARY DONOVAN: The program does have a limit on mortgages that are below what we call the conforming loan limits, which were -- just in the recovery bill signed yesterday, were maintained at a higher level than they have typically been. The highest -- they vary around the country, depending on home prices -- up to just over $700,000."
Here's a bit of advice, Mr. Gregorio. Just because you think you are correct about a matter, doesn't give you license to be as disrespectful as your first few posts were, to me. Both I, and the lender friend I referred to, have been reputable professionals in our area for well over 25 years.
Lender rating
Since January 2009
Are you kidding me? You have to seriously be kidding me right? The conforming limit in Orange County California as of 2/22/09 is $625,500, not $729,500 as you put it or $729,750. When are you going to get it through your head that everyone here but you knows this to be a fact?
There you are playing the victim role but the truth is that you cannot just say you made a mistake and be done with it. Unlike you, I know my job and I know what the limits are. You are a disgrace to you and whomever your "friend" is that gave you this terrible information. He/she/it would be ashamed to be associated with you.
And to recap a quote from me:
"Now I assume once you realize you are wrong you will come back and say how much of a bully I am and play the victim card but this is an advice forum; I assume they prefer the correct advice and not something from Bob's fantasy world."
Looks like I was right again.
Lender rating
Since January 2009
My name is Gregorio Denny and I don't know why that is so difficult for you to read, but apparently it is. If you stand by your statement that one can get a $729,750 conforming loan today, then you go for it. Have fun. The debate was a very simple one and as most people who realize they made an error do, you changed the conversation to something else. Your statement was not factual and you were called on it correctly. What it will be tomorrow, or next week, or when or if HUD releases new limits is irrelevant to the statement that you made. "Right now jumbo loans are those over $729,500." Which I remind you is incorrect for a number of reasons. If you don't know where to find the evidence of that ... I cannot help you.
Lender rating
Since February 2009
Lender rating
Since February 2009
Lender rating
Since January 2009
Lender rating
Since February 2009
Lender rating
Since January 2009
OK, Good to hear from some loan people who aren't going out of their way to be obnoxious, contentious, and confrontational. ( As Mr. Denny was on his very first response to my post with this remark: "If your friend is anythig like you, they know nothing about mortgages! Stick to real estate!" ) Just for your information, unlike many of you lenders, I DO stick to real estate.
While I can agree that it might take a while before the higher limits are actually "in place" I disagree that it is going to take months before it happens. In case you haven't noticed, our new administration is making things happen on a much faster basis than the old one.
The point I was really trying to make, which ALL lenders should have noticed and embraced, is this. The original question was perpetuating the myth that jumbo loans are still 2% above conforming rates, which I attempted to state as untrue. Even if only $625,500. ( temporarily.) a 5.75% rate is far more attractive than a 7.75% rate.
I happen to live in an area where the average price of houses exceeds $1,500,000., so the new higher limits will be meaningful, and in my humble opinion, the lenders will be scrambling to get them "into place."
To the few recent lenders who have stated Gregorio is correct, I agree that position is technically correct. What is NOT correct, was his style ( or lack thereof.) in attempting to humiliate me, or correct me. The "discussion" got off mark with his insistence that no such law had even passed, and my insistence that it had. As I tried to state in my final response to him, technically we were both correct, and that there was no need for such an "argument" to ensue over splitting hairs.
Lender rating
Since February 2009
Lender rating
Since February 2009
Lender rating
Since January 2009
Lender rating
Since February 2009
Ken, unfortunately you are incorrect or misunderstanding my answer. Here is the email from my head underwriter:
VA will provide a 25% guaranty based on the County Limit.
If the county is not listed in the VA website, the VA guaranty limit is $417,000.
Example:
County Limit of $417,000 x 25% = $104,250)
County Limit of $625,000 x 25% = $156,375)
VA will allow us to do a loan for higher than the County Limit BUT that is when a down payment will be required. If your sales price is at or less than the County Limit…that is when we can do 100% financing.
You only have to do the extra money when you are purchasing over the county loan limit.
Lender rating
Since February 2009
Lender rating
Since February 2009
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