Andrew Lowell's (diverman) Blog

Stimulus PackageTHE FINAL LIST AND LIMITS ARE NOT YET OUT BUT VERY SOON!!!A mortgagee letter notifying lenders of the new limits already has been written and will be sent out within  two weeks. Until then, no one knows for certain what the ceilings will be for any particular market.

Resales of U.S. homes and condos dropped 0.4% in January to a seasonally adjusted annualized rate of 4.89 million. It was the lowest sales pace since the real estate group began tracking combined sales in 1999, but was stronger than the 4.80 million pace expected by economists.

RATES UPDATE Treasurys extended steep declines on Monday, sending Bond yields sharply higher, as better-than-expected housing data and the confirmation of bond insurers' credit ratings saw investors leave safe-haven positions in government bonds.The benchmark 10-year Treasury bond was down 1% at ...

What do all the dates mean?There is some confusion because the bill has a provision that says the higher limits are only effective for loans originated between July 1, 2007 and December 31, 2008. In short, the reason it is effective beginning July 1, 2007, is because the credit crisis started to ...

2. Determining the Median Home Price in Your AreaThe Secretary of Housing and Urban Development (HUD) will publish the median house prices within 30 days of the bill going into effect (30 days from February 13, 2008). HUD does not have any interim stats or information for us to use. However, the ...

How to Determine "High Cost" AreasThere are two things you must know in order to determine if you are in a high cost area:1. Understanding the FormulaIf 125% of the local area median home price exceeds $417,000, the temporary loan limitwould be that 125% of the median home price with a cap of $72...

Description and Overview:An economic stimulus package just passed Congress on February 7, 2008 and was signed into law by the President on February 13, 2008. This new law is effective immediately and includes a temporary increase in both the FHA and conforming loan limits to as high as $729,750 i...

PLEASE TAKE THE TIME TO READThere is much confusion surrounding the recently passed Economic Stimulus Package and higher loan limits. Unfortunately, the new law can be confusing to decipher, and not everyone will benefit. For this reason, BONDCORP MORTGAGE has provided an outline below that clari...

What do all the dates mean?There is some confusion because the bill has a provision that says the higher limits are only effective for loans originated between July 1, 2007 and December 31, 2008. In short, the reason it is effective beginning July 1, 2007, is because the credit crisis started to ...

2. Determining the Median Home Price in Your AreaThe Secretary of Housing and Urban Development (HUD) will publish the median house prices within 30 days of the bill going into effect (30 days from February 13, 2008). HUD does not have any interim stats or information for us to use. However, the ...