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- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Right now jumbo loans are those over $729,500. They are presently available at 5.75%, for 30 year fixed, up to a $3,000,000 loan. I have a friend who is an awesome lender, in just about any price range. [content removed by moderator for being self promotional]
- Clay Branch, "Georgia Loans"
- Contributions:7839
Agent Bob, you have a friend with Super Jumbo Rate of 5.75% on a 30 Yr Fixed, for $3,000,000? Really? Go ahead and post their name and company name here.
"Right now jumbo loans are those over $729,500."
Wrong!
"They are presently available at 5.75%, for 30 year fixed, up to a $3,000,000 loan. "
Wrong!
"I have a friend who is an awesome lender, in just about any price range. Contact me if you'd like more info. "
If your friend is anythig like you, they know nothing about mortgages!
Stick to real estate!
DLF4, what is it you are trying to accomplish? What is your loan amount?
Wrong!
"They are presently available at 5.75%, for 30 year fixed, up to a $3,000,000 loan. "
Wrong!
"I have a friend who is an awesome lender, in just about any price range. Contact me if you'd like more info. "
If your friend is anythig like you, they know nothing about mortgages!
Stick to real estate!
DLF4, what is it you are trying to accomplish? What is your loan amount?
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
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? That IS correct.
Friday morning I heard two lenders associated with Bank of America quote that they have jumbo loans, at 5.75% fixed, for 30 years, on loan amounts up to $3,000,000. That IS an accurate description of what I heard.
One of them has been a lender in my area for over 25 years. I would trust them with any of my clients - and frequently have.
Perhaps YOU don't have such loans where you're located, but you don't have to slam me, for stating what I consider to be accurate information.
Friday morning I heard two lenders associated with Bank of America quote that they have jumbo loans, at 5.75% fixed, for 30 years, on loan amounts up to $3,000,000. That IS an accurate description of what I heard.
One of them has been a lender in my area for over 25 years. I would trust them with any of my clients - and frequently have.
Perhaps YOU don't have such loans where you're located, but you don't have to slam me, for stating what I consider to be accurate information.
"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.
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
To Denny Gregorio:
REALLY IMPORTANT UPDATE FROM 2009THE “STIMULUS”1. The legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1.
For your information, Orange County is ONE of the Counties affected by this new legislation. You MIGHT want to get up to speed.
REALLY IMPORTANT UPDATE FROM 2009THE “STIMULUS”1. The legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1.
For your information, Orange County is ONE of the Counties affected by this new legislation. You MIGHT want to get up to speed.
Bob,
That was part of what the Repubs wanted and I have not seen it adopted as part of what was actually passed. If it was passed and will be enacted in March, then that's great .. but you said:
"Right now jumbo loans are those over $729,500."
And I say to you for the 3rd time now, that you are confused and misguided. "Right now" the conformiong limit in Orange County is $625,500 and no amount of your posturing is going to change what you said, nor will it change the simple facts.
If they are raising the limits back to $729,750 in March, I would love for you to show me the link or the wording in the plan.
That would be a god thing if they did!
That was part of what the Repubs wanted and I have not seen it adopted as part of what was actually passed. If it was passed and will be enacted in March, then that's great .. but you said:
"Right now jumbo loans are those over $729,500."
And I say to you for the 3rd time now, that you are confused and misguided. "Right now" the conformiong limit in Orange County is $625,500 and no amount of your posturing is going to change what you said, nor will it change the simple facts.
If they are raising the limits back to $729,750 in March, I would love for you to show me the link or the wording in the plan.
That would be a god thing if they did!
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
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.
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Here's a post - from a couple of days ago - on my blog:
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.
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Mr. Gregorio, I didn't acuse you of being a bully.
I merely pointed out that you were - and ARE incorrect. Apparently you cannot accept the verification I have provided from the Government's own website.
The only "verification" YOU are providing is your say so, and a demonstration of your complete lack of social grace. You just might consider ceasing your participation in this thread because you're only embarrassing yourself. ( Although you don't seem to realize that.)
I merely pointed out that you were - and ARE incorrect. Apparently you cannot accept the verification I have provided from the Government's own website.
The only "verification" YOU are providing is your say so, and a demonstration of your complete lack of social grace. You just might consider ceasing your participation in this thread because you're only embarrassing yourself. ( Although you don't seem to realize that.)
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.
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Gregorio, consider the possibility that we may both be correct. The law has been passed. Lenders are presently re-gearing for the NEW higher limits. If I sell a property this weekend, the escrow I go into will likely take 30-45 days to complete.
If my buyer applies to one the the lenders I mentioned - today - and that lender KNOWS that in about 10 days or less his sources of funds will be up to speed to provide a new higher loan amount, that lender is going to start his approval process at the higher amount, because he KNOWS those limits will be in place well before the escrow closes.
THAT is the way it works in MY area, with MY lenders. Given that scenario, do you still feel that it is "disgraceful" for me to state that such a loan will be available before the close of my escrow?
If you can't find that a reasonable scenario, that STILL doesn't give you the right to be as insulting and disrespectful, as you have been. Your inflexibility is no excuse to act like a jerk. You had NO right to jump down my throat over something that you obviously didn't even have a clue about - the fact that the new, higher limits HAVE been passed into law..
If my buyer applies to one the the lenders I mentioned - today - and that lender KNOWS that in about 10 days or less his sources of funds will be up to speed to provide a new higher loan amount, that lender is going to start his approval process at the higher amount, because he KNOWS those limits will be in place well before the escrow closes.
THAT is the way it works in MY area, with MY lenders. Given that scenario, do you still feel that it is "disgraceful" for me to state that such a loan will be available before the close of my escrow?
If you can't find that a reasonable scenario, that STILL doesn't give you the right to be as insulting and disrespectful, as you have been. Your inflexibility is no excuse to act like a jerk. You had NO right to jump down my throat over something that you obviously didn't even have a clue about - the fact that the new, higher limits HAVE been passed into law..
Mr. Bob, I think the issue is that you said the loans were available now. You are incorrect, as are most agents who try to give mortgage advice. Sad but true statistic.
I was seriously wondering when someone, ANYONE would point out the fact that Gregorio Denny's name is not reversed. I was going to call you Mr. Bob repeatedly...
I was seriously wondering when someone, ANYONE would point out the fact that Gregorio Denny's name is not reversed. I was going to call you Mr. Bob repeatedly...
- Ken Kopper
- Contributions:1578
Um correct me if I am wrong but the last time conforming limits were bumped..what did it take from the time the legislation was passed until when we actually saw Fannie/Freddie guidelines updated and Lender guidelines established with offerings at the high cost limits...What was it like 4 months?
I am certainly looking forward to the reinstated limits but until they are in place, I am certainly not selling them and definitely not quoting them.
I am certainly looking forward to the reinstated limits but until they are in place, I am certainly not selling them and definitely not quoting them.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Gregoria is correct. While the law was passed to reinstate the high balance loans, the agencies must determine pricing and policy before it is available. Agencies will have to communicate it to the lenders and the lenders will have to implement the changes. Its simply is not available today.
The bill was just passed this week. Last year it took months after it passed before it was available to the public. Unless Obama started his own mortgage company, you will have to wait.
The bill was just passed this week. Last year it took months after it passed before it was available to the public. Unless Obama started his own mortgage company, you will have to wait.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Now, back to the original question. You can go up to the maximum VA loan limit and not have to pay the jumbo rate. If its above the 417,000, you may have to pay a small add-on, but its not actually Jumbo rates. It falls under the 2009 Temporary Loan Limits.
I know some call this Jumbo, but I don't consider it Jumbo until its over the agency limits and temporary loan limits.
I know some call this Jumbo, but I don't consider it Jumbo until its over the agency limits and temporary loan limits.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
I think the main point that everyone is forgetting to mention is that I am almost positive that with a VA loan over the $417k amount, you have to come up with 25% of the difference in down payment. For example if you have a sales price of $517,000 you need to come up $25,000 as a down payment.
As for the rest of this discussion Gregorio is right and Ken makes even a better point. Just b/c something may be signed into law, there is no timetable of when it hits the front line. I am sure your lenders Bob will thank you for all those customers that they may not be able to help for a few months. I also wonder what kind of legal liability you would have giving buyers that kind of false information.
As for the rest of this discussion Gregorio is right and Ken makes even a better point. Just b/c something may be signed into law, there is no timetable of when it hits the front line. I am sure your lenders Bob will thank you for all those customers that they may not be able to help for a few months. I also wonder what kind of legal liability you would have giving buyers that kind of false information.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
No, they increased the entitlement up to 25% of the temporary loan balances. Don't need 25% of difference.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Bob thanks for the update. It is hard to keep up with everything that changes. Is that something that is in place now or is it something that is coming down the road.
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
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.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Joe, its already in place. Here is the website and link:
http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf
http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Guidelines don't say Jumbo is over $729,750, so technically, Gregorio is correct. This is very important in our world. We don't go off proposed changes. We go off guidelines today.
It may happen faster than last year, but the bottom line is, it will take time before they are released and they are not "presently available".
It may happen faster than last year, but the bottom line is, it will take time before they are released and they are not "presently available".
- Ken Kopper
- Contributions:1578
Actually Bob, they didnt increase the guarantee to 25% of the purchase price (for purchases) and 25% of the appraised value (for refinances) for high cost loan limits
The guarantee is 25% of the conforming limit up to $417k which is $104,250. For high costs balances over 417k (where they exist) the borrower needs to bring a downpayment of the difference of 25% of the loan amount and the VA guarantee of $104,250 for purchases and for refinances must have an equity spread of that difference between base amount and appraised value.
Your comments and link were vague and misleading!
The guarantee is 25% of the conforming limit up to $417k which is $104,250. For high costs balances over 417k (where they exist) the borrower needs to bring a downpayment of the difference of 25% of the loan amount and the VA guarantee of $104,250 for purchases and for refinances must have an equity spread of that difference between base amount and appraised value.
Your comments and link were vague and misleading!
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Hey lender friends. In the spirit of the "across the aisle" cooperation of the new President, comments here should not be a Lender vs. Realtor argument. There really is NO need to be contentiously combative. We are ALL here to serve our clients, the borrowers, buyers&sellers.
There are lots of good things either available today, or on the foreseeable horizon. It is in our client's best interest for us to keep up to date, and well versed, in the Tsunami of changes that are happening in our two industries.
That is a concept that I am commited to, and I learn at least one new thing every single day. ( More like every hour, these days.)
There are lots of good things either available today, or on the foreseeable horizon. It is in our client's best interest for us to keep up to date, and well versed, in the Tsunami of changes that are happening in our two industries.
That is a concept that I am commited to, and I learn at least one new thing every single day. ( More like every hour, these days.)
Note that I didn't even address the $3 million Jumbo at 5.75% with apparently no LTV restrictions. If I posted something like that on here I would get lit up.
Bob, it was nothing personal we just try to give the consumer the real truth without the spin. Yes I know that CONFORMING LIMITS RETURNED, is a great headline, but if they can't get it right now, then it's nothing more than bait and switch. No different than advertising the $199 Flat screen and when you get to the store they are out of stock, on order or stuck on a ship in china.
I would actually like to know the details of the 3 mil at 5.75% because I could give you and your friend a steady supply of referrals that I cannot get done.
I look foreword to your answer.
Bob, it was nothing personal we just try to give the consumer the real truth without the spin. Yes I know that CONFORMING LIMITS RETURNED, is a great headline, but if they can't get it right now, then it's nothing more than bait and switch. No different than advertising the $199 Flat screen and when you get to the store they are out of stock, on order or stuck on a ship in china.
I would actually like to know the details of the 3 mil at 5.75% because I could give you and your friend a steady supply of referrals that I cannot get done.
I look foreword to your answer.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
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.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
And Ken, just because your guidelines are different, you may want to tone down on the "misleading" crap.
I ran a loan through DU last week with a $134,250 entitlement and and 0% down. it was "Approved Eligible"
I ran a loan through DU last week with a $134,250 entitlement and and 0% down. it was "Approved Eligible"
- Robert Lowery, "Bob Lowery"
- Contributions:2097
http://www.homeloans.va.gov/docs/guaranty_calculation_examples.pdf
And here it is directly from VA's website. Take a peek. ;-)
And here it is directly from VA's website. Take a peek. ;-)
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Gregorio, without naming the actual agent's names, because that probably wouldn't do you any good, the primary lender in both cases is Bank of America, out of their former (?) Countrywide Division. You should check with your local sources.
I realize that LTVs and FICOs have tightened up considerably over the past year - especially in the jumbo arena. That has impacted MY business considerably, and is a big reason I am very excited that jumbos SEEM to be more readily available, and less expensive to obtain.
I realize that qualifying is much more difficult, and I applaude that. We don't need a continuation, or a resumption of "fog a mirror" qualifying.
In addition, I obviously don't consider my statement to be baiting&switching, because I am confidant that if I put a buyer into escrow, that in the 30-45 days it takes to process that escrow, such loans will be readily available, from my sources. We'll see in a month or so, won't we?
I realize that LTVs and FICOs have tightened up considerably over the past year - especially in the jumbo arena. That has impacted MY business considerably, and is a big reason I am very excited that jumbos SEEM to be more readily available, and less expensive to obtain.
I realize that qualifying is much more difficult, and I applaude that. We don't need a continuation, or a resumption of "fog a mirror" qualifying.
In addition, I obviously don't consider my statement to be baiting&switching, because I am confidant that if I put a buyer into escrow, that in the 30-45 days it takes to process that escrow, such loans will be readily available, from my sources. We'll see in a month or so, won't we?
Va Loan Over FHA Conforming Limit
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