Financial Update by Maurice Soussé

As you know, the temporary high balance limits have come to an end. The last loans must fund next week for delivery to FNMA by September 30th. The new limits for Southern California are below:

County 1 Unit 2 Units 3 Units 4 Units
Los Angeles County- $625,500 $800,775 $967,950 $1,202,925
Orange County- $625,500 $800,775 $967,950 $1,202,925
San Bernardino County- $417,000 $533,850 $645,300 $801,950
County- $417,000 $533,850 $645,300 $801,950
Ventura County- $598,000 $765,550 $925,350 $1,150,000
San Diego County- $546,250 $699,300 $845,300 $1,050,000

 

Don’t panic. We still have 20% down loans for Primary and Second/Vacation homes for loans over $417,000 in Riverside and San Bernardino counties. They are quite competitive and only slightly higher in rate than the “high balance loans”. In LA, OC and SD, the high balance guidelines are still in effect with all items remaining the same in regards to loan to values and restrictions.

Rates are still great this week. Take a look at the 7/1 jumbo arm at 3.25% up to $2 million. Wow!!!!!!!!

We’ll lighten up the quote this week…. If truth is beauty, how come no one has their hair done in the library? – Lily Tomlin

mortgage rates 092011