Potential Loan Woes in Sacramento and Rocklin

Posted Oct 21, 2008 @ 3:00 pm, Viewed by 287 Visitors, Read 287 Times.

I received word this morning that some lenders are not providing pricing on FHA Plus which are loans in excess of $368,231 and conforming Plus which are conforming loans above $417,000. Remember these were temporary limits with an end date of December 31, 2008. Because these loans must be closed before the end date and since there is no extension yet moving these increased limits into 2009 lenders are starting to pull away from these products now.

I know, we just passed a $750 billion bailout; the government is buying bank stock and commercial paper but can’t extend these limits so banks are pulling back? This is just one more thing about this credit crunch to make you angry. Regardless if you are thinking about buying a home and using FHA, you may want to talk to your lender now and see if you need to move faster or if there are other products available to you.
If you need more information or have any questions please call me at MagnumOne Realty. My number here is 916 290-9339 or you can email me at juliej@jalone.com
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jjalone

jjalone My name is Julie Jalone an I am a mother, wife and Realtor in the Sacramento area serving buyers and sellers of residential real estate. Read More

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