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"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? "Bob, I promised myself I would not humiliate you any further but I cannot let this one go. If you are such an agent that you would promise your clients something that is not currently available and place them in escrow with the promise of something that even HUD has not decided upon yet, then I have to question your ability to carry out your fiduciary duty to your clients. Even if we take it as a given that the limits will return and that they will be what they were in 2008, (Still undecided by HUD) we cannot forecast what the rates will be at that time and for that product. Since there are no lenders that would allow submission on a program until it was live, you would be promising your client something that you have no knowledge of, and no way to even predict what the outcome would be. If you placed a client into a 30 day escrow on a $729,750 loan amount before any lenders even had it on their rate sheets, that would make you incompetent and you would be subjecting your clients to immeasurable and unnecessary risk. The only reason an agent would do such a thing is for their own gain. Why not wait and see what rates and qualification are before you rush in to be the first to announce the next new shiny thing.I am not trying to embarrass you or discredit you Bob, you seem to be doing a good job of that by yourself. What I am attempting to do is possibly educate you and many agents like you that you really do a disservice to your clients when you tray and wear two hats, and one of them obviously does not fit properly.PS, I really did want to know about the $5.75% 30 year fixed program but I guess you don't have any info to share.My last $.02 on this matter.
Ken, you stand corrected again. Example 4 is where the purchase price is $480,000, but the county limit is $417,000. They will guarantee 25% of the temporary loan limits.All the examples where the county limit is above the 417,000, they increase the guaranty. Are you not looking at it? Try again. You are incorrect and this example does not support what you say. It supports what I said in prior statements.Have you done a VA loan over $417,000?
Gregorio, you are again conveniently ignoring the fact that HUD HAS been directed to make this change.
Your statement "with the promise of something that even HUD has not decided upon yet, then I have to question your ability to carry out your fiduciary duty to your clients. Even if we take it as a given that the limits will return and that they will be what they were in 2008, (Still undecided by HUD)" is absolutely incorrect. As for other items you're splitting hairs with - again - that's just it, you're making a mountain out of a mole-hill. I do agree that none of us here know WHEN these guidelines will be implemented. I'm taking the optimistic approach and you - seemingly just to be contrary, are taking a pessimistic road.I take considerable exception to your condescending remark: "What I am attempting to do is possibly educate you and many agents like you that you really do a disservice to your clients when you tray and wear two hats, and one of them obviously does not fit properly." As I have bent over backwards to demonstrate that I am not wearing two hats, nor do I wish to. I'm quite positive there are FAR more lenders on this site who "dabble" in real estate, than there are Realtors, who also do loans.You have persisted in this thread to continue with your insults and with your contentious goading, while I have continually tried to soften the tone of this discussion. With your arrogant, insulting, misleading, stubborn, and argumentative demeanor, it's a sure thing you would never be a lender I would recommend.
Gee Bob, thanks for accusing me of creating an alternative profile to bash youThe purchase was brokered to and underwritten by WFHM and all I am sharing my direct experience with Jumbo VA..I can log directly into VIP if need be but thanks for the links
Just when I thought I was out ... they pull me back in ...Bob Phillips," The lenders may NOT have quite worked out the details, but I'm willing to wager that it won't take more than 20-30 days from now. "How is 20-30 days considered "right now"? Exactly what language do you speak where something that is not quite worked out yet and won't take but a bit longer, qualifies as "right now"?"They ( Jumbo loans.) are presently available at 5.75%, for 30 year fixed, up to a $3,000,000 loan. As of Friday morning, more than one lender made this statement in a large public gathering of Realtors and Lenders, and they were in no way refuted by other attendees. Apparently, in Orange County, Calif., this is also true."How is what you heard someone else say, with no independent verification, no facts to back it up and no way to verify it, considered to be "True"? Repeating that on a real estate forum where people come for useful advice is silly. You don't know or even understand the qualifications necessary, you don't have an facts as to the LTV requirements and you certainly have no clue what goes into the pricing of such a product. You seem to have a very loose interpretation of the word "fact"."Personally, I quit. I'm off to watch the Oscars. Have a good day."Finally you are off to do an activity I suspect you are much more qualified for and one that more appropriately suits your talents. Any Realtor that would place a client in escrow for a nonexistent program, with no idea what the rates will be is incompetent. If that makes me arrogant and all those other things you said, then I resemble that remark ... one can be arrogant and still 100% correct.Enjoy the Oscar's.
Is the Oscars like the superbowl for you guys in CA. You're watching at 4 pm. Do they have a 12 hour pre-game show?
Ken, let me know what you find out.I am however very impressed that you have three VA Purchases over 417,000 that have never used their enititlement, and you got all three in less than 52 days.... and even closed one....Since this was just effective 1/1/09.I understand you are sharing your personal experience, but I am sharing an email from and underwriter, documents from the VA itself, and my personal experience.If anything, maybe you will pick up some extra business because of this thread.
To Bob P,I don't see it as dog piling. After reviewing this thread, you keep arguing the point and making it worse. Many of your statements are incorrect, but I don't want to get in a back and forth thing.When giving advice I try to stay within my profession. I personally do not cross into the realtor side. And, I don't think its advisable for realtors to cross the line and start giving mortgage advice.
This thread is a perfect example of why not to cross the line.
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