Comments on: O.C.’s FHA loan limit raised to $729,750

By: Reality Check

Reality Check — Thu, 07 May 2009 01:23:28 +0000

Like this is going to help anyone. If Someone can’t afford a 20% down payment they can’t afford a home right now. , A 729k loan with 3% down, at 5% (which is doubtful) their payment will be approx. $4280.00 Thats not counting MIP at what…lets say even .5% Thats an additional $300… Add HOA’s and mello roos, and you are looking at a financial disaster waiting to happen.

By: Bill-1a

Bill-1a — Fri, 07 Mar 2008 19:32:49 +0000

Sorry Steve, I’m referring to conventional and your looking at FHA….you’re right.

By: Bill-1a

Bill-1a — Fri, 07 Mar 2008 17:24:35 +0000

Steve, your rate sheets are a week old or you’re working for .25% of a point as commission. Ck. Wells, PHH, Chase, WAMU, Citi, etc. and you’ll see 6.5%-6.625% for 1 rebate, no pts. to borrower. Name your lenders or you sound just like another bait and switch broker.

By: Larry P.

Larry P. — Fri, 07 Mar 2008 02:48:57 +0000

Mark,

Nope! No flexibility available! The county level is the county level…no “well, it’s CLOSE to Orange County” allowances!

By: Mark

Mark — Fri, 07 Mar 2008 01:43:42 +0000

San Bernadino County $500,000 max. Great for a lot of SB Co., but what about border areas like Chino Hills? Not a lot of houses for $500k. I wonder if there is any flexibility for border areas, or localized areas within a county?

By: Louis

Louis — Thu, 06 Mar 2008 22:49:54 +0000

Actually, FHA rates are better today than conventional….

By: steve

steve — Thu, 06 Mar 2008 22:17:37 +0000

who are all these people quoting rates, i am looking at my rates sheets and not one lender is over 6.375% 30 yr frm. is that high, yes it is but still relativly low compared to 6 months ago, the problem with rates are that even though the 10yr treasury is relativly low, the banks are taking the profits and not lowering the rates, a couple of weeks ago we locked a loan at 5.75% 30 yr frm and the 10 yr treasury is the same as it is today with a 6.3755 so it is the banks and other scenarios that are keeping the rates up

By: Fourth Generation

Fourth Generation — Thu, 06 Mar 2008 17:16:09 +0000

You can change the conforming all you want. But to qualify you have to go through a very scrutinizing proceedure that will eliminate most of the people that gamble in the housing bubble. Au revoir dreaming idiots, very few people will benefit from this changes.

By: Bill-1a

Bill-1a — Thu, 06 Mar 2008 15:43:55 +0000

It’s all relative to mortgage rates. Today’s rates for conforming at no points is in the 6.5 to 6.75% range, way too high for first time FHA buyers. There will be very little interest in the new FHA loan amount in the OC because people utilizing FHA in the first place are not your top wage earners. Sure, first time or second time or whatever can now get a (i.e.) $650,000 new FHA loan. Who can qualify at 6.5% and above?

By: spam

spam — Thu, 06 Mar 2008 15:23:31 +0000

Dream on BigD, there are not enough people who qualify at these prices.

By: VoiceofReason

VoiceofReason — Thu, 06 Mar 2008 14:17:38 +0000

Hello,…. McFly. Just because the limit is $730k doesn’t mean you have to borrow to the limit. It means that you can get a conforming loan over $417k.

By: Rational expectations

Rational expectations — Thu, 06 Mar 2008 08:31:55 +0000

Sure, if you are poor, you need the government to help you buy a $700k house, because otherwise you cannot afford it … oh, wait …

We have had HUD and GSEs for >$417k mortgages throughout and this is exactly the sector which is worst hit. Increasing the limits will have little impact, makes no sense in terms of the mandate to aid the needy, and is just another step in the socialization of risk and privatization of return in our democracy. Why doesn’t anti-trust cover “too big to fail”, huh?