Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for DLF4

Va Loan Over FHA Conforming Limit

In Orange County, CA the VA limit is $737,500, the FHA Limit is $625,500.  Would an amount higher than the FHA Limit considered Jumbo?  Are the rates ~ 2% higher than conforming?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 21 2009 - Laguna Hills
We think we've answered this question for you!
 
 

Replies (119)

Profile picture for Ken Kopper
Okay Bob L...here we go..

Joe said

"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"

Then you said...

"No, they increased the entitlement up to 25% of the temporary loan balances.  Don't need 25% of difference"
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Profile picture for Ken Kopper
From which I clarified both yours and Joe comments with..

"Actually Bob, they didnt increase the guarantee to 25% of the purchase price (for purchases) and 25% of the appraised value (for refinances)
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"

Please see example #4 in your latest link which fully supports my comments
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009

"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.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009

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?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Ken, look at the last example.  I think this will help you understand better.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Also, I must agree with Gregorio once again.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Gregorio, as I was reading through this entire thread, my thoughts were exactly the same.  How DANGEROUS to put a client into escrow when the product and pricing technically does not yet exist.  And to take this as gospel from your BofA lender (or ANY lender for that matter), is equally dangerous.  Even if the product is becoming available, there is NO lender out there who can guarantee a time.  Further, there is no pricing!  How can one do that when you are dealing with the livelihood of your clients?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Profile picture for Ken Kopper
Yes Bob, I closed a $500k Jumbo VA purchase through WFHM in Fairfax ...funny how borrower was required to bring a downpayment even though High costs conforming limit in Fairfax..

Have 2 other Jumbo VA refis in Alexandria (also high cost limits of $625,500) with Metlife in processing now..Funny how they also would not permit 100% financing on VA high costs limits..

Guess you do have the magic lender there. Enjoy
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009

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.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Well, its right off their website and in my underwriting guidelines.  You can read, yes?

I am familiar with Tenacity as I was a regional manager for a wholesaler who called on them.  If you are underwriting your own paper, you may want to have whoever is in charge of your underwriting dept to inquire about this.

It may be your guidelines within your company, but as you can see from VA's website, they will do it.

I have on occassion educated underwriters on guidelines and policies.

No scams is accusing the VA of being a scam?  "No Scams" go to the VA website or click on my link above....or is that you Ken... Are you accusing the website of being inaccurate?  How was I able to get and approved eligible on a VA loan with an entitlement of 134,250?

By the way, that part from the underwriters email?  They were head underwriter at WFHM.  Prosperity is owned by WHFM.

Man, even give them the direct VA website link and they still argue...LOL 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
BTW Bob and Sherri.  Nobody is "dangerously" putting someone in their car making flippantly authoritative statements.  I am making suggestions as to what is going to be available, passed by the laws of our country, with no need to get into specifics as to what the rates and terms might be in 10 days when the President's guidelines will supposedly be put into place, or even 30-60 days from now.

As a Realtor in my community for over 32 years, I know enough to not make promises that I probably won't be able to keep.  Along the way I have discharged more than a handful of lenders, who did, and who I am no longer working with.

I made - way back on page one - what I considered to be a positive statement as to how I perceive today's market, fueled by comments I had heard in a large group, yesterday, from a couple of lenders who I will be working with, years from now.

BTW?  None of those lenders were raked over the coals by any of the OTHER lenders who happened to be in attendance.  Maybe it's a Southern California thing, to not sweat the small stuff, especially when we are SUPPOSEDLY among our peers&affiliates.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Oh, and to answer that question, only thing I can imagine is the vet used his entitlement once before.  If they have used their entitlement previously, it will reduce the entitlement.

I would imagine someone buying a 500,000 is not a FTHB.  I don't run into FTHB buying 500k homes too much up here in Baltimore.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Profile picture for Ken Kopper

Gee Bob, thanks for accusing me of creating an alternative profile to bash you

The 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

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Since I'm not comfortable with being "dog-piled" by anyone, let alone lenders with whom I have an exemplary reputation in dealing with, and not over promissing for, I thought I would go back to my origial post, which Gregorio Denny decided to jump all over me about, in an incrdibly childish fashion.  Here it is, broken down:

Right now jumbo loans are those over $729,500.  This, in Orange County Calif. is absolutely true - verified by HUDs website and that of the White House.  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. 

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.

I have a friend who is an awesome lender, in just about any price range.  Contact me if you'd like more info.  This is also a true statement. I can't imagine why anyone would take umbrage with it.

Just because someone decided to misread or misinterpret my few sentences, and decided to "teach me a lesson", should not give anyone here, a license to behave like a jerk.  There should be no need for insults of any kind.  Nothing in my statement is highly inflammatory, or locally misleading, and definitely not worthy of the peeing contest that has inexplicably ensued.

Personally, I quit.  I'm off to watch the Oscars.  Have a good day.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Well, thanks for calling me misleading....

Also, they are subject to stricter underwriting criteria, so maybe it would only work that way....
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009

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.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009

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?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Actually George, those are about the only 2 "live" events that we actually see live. Even when events are in California and being brodcast live, we see it on tape delay even if it's in out back yard. And all to accomodate you right coasters.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
"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.  Contact me if you'd like more info."

I just re-read Mr. Bob's first post, and while I think Gregorio is crazy to even continue this discussion past the first exchange (hey, it happens to the best of us), you have to admit that you are completely incorrect Bob. RIGHT NOW, Jumbo loans are not 'those over 729,500'. Stop trying to back pedal, and just admit that you misspoke and move on.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
Agent Bob, I was wondering how you write contract without knowing what the closing date will be. How do you get the seller to sign a contract will several If's in it, like if the rate is xxx or lower, if the value has not dropped 50K or more by the time we can submit a loan, if rates 
in general dont drop adding another 3-6 weeks of refi's in the lender's pipeline, if the increased loan limits dont have a more restrictive DTI ceiling?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009
I went back to look at this thread, and wasn't surprised to see that I am the only Realtor amongst an apparently "threatened" pack of lenders.

Other than standing up against Gregorio's childish  and insulting taunts and mis-statements, the rest of you have been dog-piling on me out of misinterpretations of things I've said. ( OR, relying on, or believing Gregorio's twisted versions of things he thinks I've said.)

The statement that most of you keep taking exception to, is my choice of the words "right now", with respect to jumbo loans being increased to $729,500. ( Actually a little higher, but who's quibling? )

On Friday the 13th of February, our Government voted to increase the limits, from $625,500.  On Tuesday the 17th of February, a full 3 days BEFORE I made the statement, President Obama signed it into law.

That, my persnikity lender friends is when the loan limit for jumbos, in Orange County, CA, became law.  That is the indisputable basis for my statement.  I have provided my exceedingly contentious and argumentitive protagonist, Mr. Denny, links to support my statement, which he ( and a few others.) has chosen to ignore and proceed to ram a rationalization of "Yeah, but our sources aren't making those loans yet, and it MAY take years before they do!"  down my throat.

BTW? FYI, my statement did NOT say when they would be available.

I stated before, this is merely a matter of semantics.  I am NOT wrong, we're just talking about apples&oranges.  It's time to drop the discussion, although I doubt that one particular person will let it just die a natural death.  I put on put on my insult deflection hat, now.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 22 2009

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.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
Actually, she was a market lending manager, not an underwriter...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
Bob, I think Ken lives in an area with a high military population. You can't go to Virginia Beach, for example, without seeing military people everywhere you go. Having 3 VA purchases, in certain areas, is just as probable as 3 FHA loans- that is to say, VERY.
Other Bob- not THAT is semantics you are talking. You said that Jumbo loans are 729,500, and are available now. Call you for your magic lender friend's name and info. Not exactly a way to gain popularity. GD was harsh, but what you said was incorrect. Stop trying to back pedal and just admit that in your mind, the loan limits were raised, and that meant that it was real. That's all. You have a positive outlook on these things that perhaps some of us do not share. You also DID say that you would place someone in escrow without LENDERS actually offering these new loan amounts at certain rates- that IS dangerous. So stop trying to defend that, as it was a silly thing to say, and you probably know that.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
Profile picture for Ken Kopper
Okay, Bob, got it all cleared up...the purchase was originated last November in closed in January so hence the need for DP.

The other 2 are Jumbo refis from conventional (bought in 06 with alt-a loans) to VA and thus treated as cash out and restricted to 100% up to $417k and subject to max entitlement of 104,250.00

You were correct in 100% Jumbo purchases with full entitlement of $36,000.00 available and r/t VA to VA are also qualified for 100% over $417k.

The thing with VA eligibles is that they normally assoicate with other VA eligibles so the referrals they send you also tend to be VA deals.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009

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.
 

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
Ken, it is very admirable for you to come back on thread and state this.  Best wishes.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
Bob Lowery,
Well put and good post.  What a wreck this thread became due to Agent Bob Phillips.
I watched this thread develop yesterday and knew what the outcome would be in the end.
There are very few Agents who know the mortgage business to intelligently comment on it.  One is AzRob and a few others.  Other then a select few, the rest of the Agents who engage on these threads to give advice ends up giving poor to destructive commentary about our business.  So, when they get called out on it most seem to duck and run. The ones who stay and stick to their dogmas get chewed out.  Gregorio Denney's comments were nothing but truthful and showing the flaws in Agent Bob's posts.
They really need to stick to what they know.  Only problem is that I haven't quite figured out what they know yet.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
To Bob L., and Greg D., the mistake you've both made is that you both seem to suggest that in my original post, I presumed to give "lender only" ADVICE.  I made 3 distinct comments. One, about the new higher limits which HAVE been voted in. ( I did NOT say that I offered them.)

The 2nd remark was to re-quote a couple of elements about jumbo loans, ( 5.75%, up to $3mm.) that was in direct relevant response to the original question posted on this thread - He asked whether jumbo rates were still 2% higher than conforming - which in MY area, they are NOT.

So far, both of my answers are true, and accurate.

My 3rd comment was that I have a friend who's a lender that I highly recommend.  This too, is a true statement.  I do NOT receive a referral fee from this lender, so I had no ulterior motives in making the comment - just sharing something good that I have experienced for many years.

Greg, you stated this: "Gregorio Denney's comments were nothing but truthful and showing the flaws in Agent Bob's posts.
They ( we Realtors.) really need to stick to what they know.  Only problem is that I haven't quite figured out what they know yet."

Obviously your 1st sentence is not accurate, and your 2nd sentence is a perfect example - while not quite as insulting as Gregorio's style - of the condescending attitude displayed by a few lenders in this thread.

That is what I have mostly objected to in this thread.  I have NOT offered advice, or been disparaging to lenders - other than my responses to Gregorio's insults&lies -throughout this thread.  Have a nice day.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
Bob Phillips,
No lender that I know of has rolled back to the 2008 loan limits maxed at $729,500.  They will but not now.  It doesn't matter what was signed into law.  Wells Fargo and Countrywide have not made any announcements when the old, 2008 Conventional and FHA limits will be available or what the pricing will be.  I just looked at their rate sheets and went to their websites.  Those two banks are two out of three on your website as preferred lenders.
Currently, Fannie Mae and Freddie Mac have imposed a 2.00 deliver fee on 2009 Conforming Jumbo loans if investors have more than 10% of their perspective pool in that product.  Most are way over 10%.  Most lenders are now imposing the same on FHA Jumbo.
The average pricing of both Conforming and FHA Jumbo have gone up drastically, hovering around 5.5% or higher with little if no ysp.  So, how are any of your trusted lenders able to get 5.75 on true Jumbo loans up to $3,000,000? Neither Wells Fargo or Countrywide can deliver such rates at anywhere close.  Then, there are all the LTV, score and dti adjusters to boot.
I simply suggest that you should stick to representing real estate transactions and not put forth lending info.
You are taunting civility and common sense.  I am not biting into your posts any longer.  To do so is an exercise in futility.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2009
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Va Loan Over FHA Conforming Limit
Profile picture for Bozo the clown
Latest reply by Bozo the clown
March 21 2009 | 119 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 11 Indian Hill Ln, Laguna Hills, CA Home For Sale
    11 Indian Hill Ln, Laguna Hills, CA 92653

     For Sale: $500,000

    • Beds: 2
    • Sqft: 1100
    • Baths: 2.0
    • Lot: 4007
  2. 108 Woodcrest Ln, Aliso Viejo, CA Home For Sale
    108 Woodcrest Ln, Aliso Viejo, CA 92656

     For Sale: $509,900

    • Beds: 2
    • Sqft: 1301
    • Baths: 2.5
    • Lot: --
  3. 26092 Rio Grande Ave, Laguna Hills, CA Home For Sale
    26092 Rio Grande Ave, Laguna Hills, CA 92653

     For Sale: $799,000

    • Beds: 4
    • Sqft: 2371
    • Baths: 3.0
    • Lot: 8276