Pete Phillippe IndyMac Bank Cell 707-481-2737 Reporting on the new conforming loan limits + Interest rates and guidelines:
Sonoma County’s new conforming loan limit is $662,500 . . . but its at a higher rate then the “Old” conforming of $417,000. We’re calling the new rates, “Jumbo-Lite”.
Up to $417,000 30yr fixed is 6.25 at 1 pt , 5/1 is 5.50 at 1 pt , 7/1 is 5.625 at 1 pt
Up to $662,500 (this is the new higher conforming rate but is actually higher than the “old” conforming loan amount of $417,000) 30 yr fixed is 6.75 at 1 pt, all full documentation, no “stated” or made up income or jobs!!, SFD owner occupied only, 90% ltv purchase with 700 ficos scores, 80% maximum Loan to Value with 660 fico,
On refinances–no cash out transactions or payoffs of second loans , 75% ltv max. 5/1’s and 7/1’s next week with pricing. Lenders are having a very hard time finding “buyers” or investor’s who will buy YOUR loan with the new rates and conforming loan amounts. The shocker here is NO REFINANCING OF EXISTING SECONDS!!! These loans were geared up to resolve some of the defaulting issues as most of the defaulting loans got 80-10-10’s with 80% Loan, 10% of sales price seconds and 10% down payment. This eliminates or doesn’t help many of these folks.
the new “Super Jumbo” is now over $662,500. Rates:30 yr fixed is 7.25 1 pt, the 7/1 is at 6.375 1 pt 80% ltv to $2,000,000
Purchase . 75% to $3,000,000 on purchases
Napa and Marin are at $729,750, Lake is still at $417,000, Mendocino at $512,000
Aprs not calculated , information purposes only, 30 day locks on rates quoted as of 3/10/08. 680 fico scores used as example . Full doc pricing shown, stated income loans available as well as other programs
