BIG news from COUNTRYWIDE!

[TOBTEK]

HUGE news from COUNTRYWIDE.

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Effective Monday, March 17, 2008
Economic Stimulus Package Loan Limit Increases


Countrywide®, America's Wholesale Lender® will begin accepting loan submissions under the temporary "jumbo conforming" loan limit increases of the Economic Stimulus Package on Monday, March 17, 2008. Complete details regarding loan program availability, guidelines, pricing and pipeline instructions will begin being published on www..com by Monday. Please be sure to check CWBC frequently for updates as we continue to implement the various components of the stimulus plan or contact your Countrywide Account Executive for further assistance.

New HUD Loan Limits

The new conforming loan limits for the Government-Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac and the new Federal Housing Administration (FHA) loan limits can be found on the HUD web site at:




(Note: Select the "Limit Type" drop down to specify Fannie/Freddie versus FHA.)

The new published loan limits are temporary and will be available through December 31, 2008.
GSE Loan Limits:
Increased to the lesser of $729,750 in high-cost areas based on the Metropolitan Statistical Area (MSA) or 125% of the area median sales price.
FHA Maximum Loan Limit:
Increased from $362,750 to $729,750 (175% of the current GSE base limit of $417,000).
FHA Base Loan Limit or "Floor":
Increased from $200,050 to $271,500 (65% of the current GSE limit of $417,000).




This is the first of our lenders to adopt the new higher conforming loan balances. IF YOUR PAYING JUMBO RATES.... NOW is the time to get a conforming loan under the new guidelines! IMO This is going to help many families get out of a bad mortgage, and lock in with some low fixed rates.

 

[Magic34]

They are doing my construction loan. They have changed the rules a few times since I first started looking into all of this. Hopefully they ease up on all the rules there also.

 

[Phins Place]

I recently spoke with my Mortgage person about this...The new conforming loans comes with some ridicules rules. You could only have a first (no second), as well as other rules. I heard that this new plan only sounds good, but its not what it seems...FYI

 

[Tequila-John]

I recently spoke with my Mortgage person about this...The new conforming loans comes with some ridicules rules. You could only have a first (no second), as well as other rules. I heard that this new plan only sounds good, but its not what it seems...FYI

Agreed!

 

[Parker Dreamin]

Agreed!

lets hear some of the new guidelines...:beer

 

[Lavey5150]

They'll just decline the file at funding.........never fails....fukkers

 

[Wmc]

lets hear some of the new guidelines...:beer

WE rolled out the new limits Thursday. Here are some of the rules:

1st TD only, 2nd must subordinate, max CLTV 90%
Full Doc Only
No Cash out
2nd Home & Investment to 60% LTV

So many people were hoping this would help them, but unfortunately not being able to rate & term the 1st and 2nd will do no good. And from what I understand some lenders are not even allowing the 2nd to subordinate.

Wendi Cook
Provident Bank Mortgage

 

[Cabo San Chez]

Cashout 75% LTV with a 720 credit score or as determined by Clues, Max cashout is $100,000, six months seasoning required since purchase or previous refinance.

Purchase or Rate and Term you can go up to 90% with a 700 credit score or as determined by Clues
Purchase or Rate and Term you can go up to 80% with a 660 credit score or as determined by Clues

Second Homes and Investment Purchase Rate and them 60% with a 660 credit score or as determined by Clues, No Cashout

 

[desertbird]

Let me tell you from someone who just closed escrow on Feb 20th. It is not easy anymore. Not at all. My wife and I presented good incomes (+100K combined), great credit (Hi 700's), full docs, plenty of reserves, and 10% down cash. We bought a foreclosure from a bank and they ran us through the mill. Basically, 2nd mortgages are a thing of the past, and no lender will take on both loans.

We ended up cashing out more "equity" from the credit line on our condo to put down just over 12%, then maxed out a single 1st mtg @ 417k. Now, at 88% LTV we needed PMI. I wasn't going to agree to a PMI loan, but my broker found a new program where it is simply a 1/2 pt charge up front, and that insures for the life of the loan.

30 FIXED 5.375%. Not only full docs, tax returnd etc, but we had to write letters of intent to occupy, a letter of intent to rent the condo, produce a signed lease on the condo, and then sign our lives away on the as-is forclosure docs.....

...then the bank charged me an additional 1/4 pt on the loan because I did not want a tax impound account. Argh. Lots of points, but our offer included the bank carrying 3%, and we spent every penny.

It was a total pain in the ass and a stressful 2 weeks before closing. We closed a day late, but we closed, and we got a rippin' deal.

The final gripe was the bank required I pay 6 months of property taxes (even though they were current). This wasn't so bad, except I had to pay taxes on the "assesed value" which was $200,000 more than my purchase price. Obviously, I'll get a refund in November, but I'm not real hip on giving out interest free loans!

The deals are out there if you have the money and patience. My wife and I are pretty much broke and in debt up to our eyebalss, but we've never been happier!

 

[boatnam2]

Let me tell you from someone who just closed escrow on Feb 20th. It is not easy anymore. Not at all. My wife and I presented good incomes (+100K combined), great credit (Hi 700's), full docs, plenty of reserves, and 10% down cash. We bought a foreclosure from a bank and they ran us through the mill. Basically, 2nd mortgages are a thing of the past, and no lender will take on both loans.

We ended up cashing out more "equity" from the credit line on our condo to put down just over 12%, then maxed out a single 1st mtg @ 417k. Now, at 88% LTV we needed PMI. I wasn't going to agree to a PMI loan, but my broker found a new program where it is simply a 1/2 pt charge up front, and that insures for the life of the loan.

30 FIXED 5.375%. Not only full docs, tax returnd etc, but we had to write letters of intent to occupy, a letter of intent to rent the condo, produce a signed lease on the condo, and then sign our lives away on the as-is forclosure docs.....

...then the bank charged me an additional 1/4 pt on the loan because I did not want a tax impound account. Argh. Lots of points, but our offer included the bank carrying 3%, and we spent every penny.

It was a total pain in the ass and a stressful 2 weeks before closing. We closed a day late, but we closed, and we got a rippin' deal.

The final gripe was the bank required I pay 6 months of property taxes (even though they were current). This wasn't so bad, except I had to pay taxes on the "assesed value" which was $200,000 more than my purchase price. Obviously, I'll get a refund in November, but I'm not real hip on giving out interest free loans!

The deals are out there if you have the money and patience. My wife and I are pretty much broke and in debt up to our eyebalss, but we've never been happier!

dont you love the new county scam , pay taxes on the assesed value they sure dont mine reassesing it going up but forget how when the value goes down.

 

[Wmc]

Cashout 75% LTV with a 720 credit score or as determined by Clues, Max cashout is $100,000, six months seasoning required since purchase or previous refinance.

Purchase or Rate and Term you can go up to 90% with a 700 credit score or as determined by Clues
Purchase or Rate and Term you can go up to 80% with a 660 credit score or as determined by Clues

Second Homes and Investment Purchase Rate and them 60% with a 660 credit score or as determined by Clues, No Cashout

Which investor is offering this? Cash out??

 

[essexjet]

Which investor is offering this? Cash out??

Are we talking about the new Jumbo-Conforming? If so I dont think anyone has a cash-out refi that Fannie/Freddie will purchase.

 

[DaveC]

This is good to know.. thanks everyone.....

 

[Wmc]

Are we talking about the new Jumbo-Conforming? If so I dont think anyone has a cash-out refi that Fannie/Freddie will purchase.

Yes Just found out it is Countrywide and ran through Clues. It is a very steep hit to the rate. They will also allow 1st & 2nd rate and term again a very steep hit to the rate. May be better off pricing out Jumbo. Let's hope it will get better when more investors start to buy them.

 

[essexjet]

Yes Just found out it is Countrywide and ran through Clues. It is a very steep hit to the rate. They will also allow 1st & 2nd rate and term again a very steep hit to the rate. May be better off pricing out Jumbo. Let's hope it will get better when more investors start to buy them.

Everybody still has their Jumbo products but the rate are not very good at all!