Pete Phillippe chimes in on the new conforming loan limits and how the Interest rates will shake out here in Sonoma County
March 8th, 2008 . by Mike KellyWe now know what the new FNMA/ FHA conforming loan amounts are . . .Sonoma county $662,500, Napa $729,700, Lake still at $417,000 and Mendocino at $512,000, Marin at $729,700 . . . we still don’t have the pricing yet because there are no “buyers” of these loans on any secondary market . . . even with the guarantees of the government . FHA loan amounts have gone up as well in these counties to similar loan amounts . Some restrictions we lenders know about , will be only owner occupied loans, rate and term refinances , 90% max. ltvs and no stated income deals . Pricing probably in between current jumbo ( which has really been going up lately) and conforming . . . so I’m guessing around 6.75 at 1 pt for a 30 yr fixed . . . 5/1’s and 7/1”s will also be offered . . .I do not really see any “rush” for these loans .
Looks like it’s recession time . . . no increase in jobs last two months ,still foreclosure problems primarily on those properties below $450,000 when purchased ( first time homebuyers and 100% stated income financing people are the ones taking the big hit)
Gold and Silver at new highs reflecting inflationary concerns, Oil above $100 a barrel (remember when we thought last year $50 was outrageous?). Prime still going down this month (probably) to 5.5 or 5.75% from the current 6%, just affects our equity lines however.
Working together . . . we can still help each other and our clients and “make it happen”
Let me know what I can do to help
Conforming loan amount
30 yr fixed 6.25% at 1 pt , 5/1 5.375% at 1 pt , 7/1 5.5 at 1 pt , 10/1 5.75 at 1 pt
Jumbo loans ( still anything over $417000) see what I mean about Jumbo rates ?
30 yr fixed 7.125 1 pt , 5/1 6.625 at 1 pt, 7/1 6.575 at 1 pt . 10/1 7.0 at 1 pt
We can do 40 yr. terms, stated income , and interest only programs for all these loans
I can broker out too when needed. Local decisions made here in Santa Rosa at our main office on Dutton.
Pete Phillippe IndyMac Bank Cell 707-481-2737
