“Taking you from where you are
………. to where to you want to be”

Conforming Loan Limits Increase – now $679,650 in high cost areas

Written by Clay on . Posted in Fannie Mae, Freddie Mac, Homebuyers, Real Estate, Realtors, Renovation Loans, reverse mortgage, Uncategorized

Major Increase in Monterey; Sonoma;  Ventura and Yolo Counties in CA; Summit County in UT as well as King; Pierce and Snohomish Counties in Washington

Single family conforming loan limits increased to $453,100 across the nation and to $679,650 in certain high-cost areas. Several counties that previously were in between the base and high-cost limits saw significant increases based on rising property values in Signet Mortgage service areas. Monterey; San Diego; Sonoma; and Ventura Counties in California; Summit County in Utah and King; Pierce and Snohomish Counties in Washington will now have access to conforming loan limits reflecting the current market values. The new conforming limits will be effective for loans closed after January 1, 2018.

The new limits are helpful as conforming rates can be lower than jumbo rates and underwriting more consistent and flexible so a few more transactions will get done!

A purchase in the Bay Area up to $849,500 at 80% loan to value can be done with a conforming loan … Particularly relevant with this announcement is the average U.S. home prices have improved as this is the second increase in as many years after being unchanged since 2008.

Here is a link to the loan limits by county for Signet Mortgage service area (CA, WA, OR, ID, UT) and for the entire country.  Included on the right of the chart are the changes from 2017.

The press release from FHFA is here. Certain high-cost areas have the higher limits at 150% of the base at $636,150 (150 % of $424,100).  But many counties, such as Monterey, San Diego, Sonoma and Venture (CA) as well as Summit (UT), King (WA), Pierce (WA) and Snohomish (WA) saw significant bumps to its loan limits. Here are highlights of loan amounts and details for single family and up to 4 units and changes for those counties.



The changes do not impact FHA forward or reverse mortgages or VA loans for the moment. Those announcements should be forthcoming in the next couple of weeks.

As a mortgage professional in business for over thirty years, I am here to consult with you and answer any questions you have about the strategic use of your mortgage. Let’s talk about your goals and perhaps ways that you can take advantage of these changes.  Call or email me – I am happy to help!

 
Conforming Loan Limits

Conforming Loan Limits Increase for First Time Since 2007

Written by Clay on . Posted in Fannie Mae, Freddie Mac, Homebuyers, Real Estate, Realtors, Renovation Loans, reverse mortgage, Uncategorized

Major Increase in Monterey; San Diego; Sonoma; San Luis Obispo; Ventura and Yolo Counties as well as King; Pierce and Snohomish Counties in Washington Single family conforming loan limits increased to $424,100 across the nation and to $636,150 in certain high-cost areas. People who need a loan can find forbrukslån uten sikkerhet here. Several counties that previously were in between the base and high-cost limits saw significant increases based on rising property values in Signet Mortgage service areas. Monterey; San Diego; Sonoma; San Luis Obispo; Ventura and Yolo Counties in California as well as King; Pierce and Snohomish Counties in Washington will now have access to conforming loan limits reflecting the current market values. Speaking of loans, I know that you are familiar with “student aid bill of rights” which was signed by President Barack Obama in 2015 aiming to help students with their student loans. It is still active now, apply! According to knowledgefirstfinancialresp.ca/, the Federal Housing Finance Agency (FHFA) announced these changes in a press release  today.  The new conforming limits will be effective for loans closed after January 1, 2017. The new limits are helpful as conforming rates generally are lower than jumbo rates and underwriting more consistent and flexible so a few more transactions will get done!   A purchase in the Bay Area up to $795,000 at 80% loan to value can be done with a conforming loan … Particularly relevant with this news announcement is the average U.S. home prices have edged slightly above pre-decline levels from 2007.  Data published in the third quarter Housing Price Index (HPI), reveal that housing prices are approximately 1.7 percent above the value for third quarter 2007. Here is a link to the loan limits by county for Signet Mortgage service area (CA, WA, OR, ID, UT) and for the entire country.  Included on the right of the chart are the changes from 2016.   The source document from FHFA is here. Certain high-cost areas have the higher limits at 150% of the base at $636,150 (150 % of $424,100).  But many counties, such as Monterey, Orange, Sacramento, San Diego, San Luis Obispo, Summit (UT), Jefferson (WA), Pierce (WA) and Snohomish (WA) saw significant bumps to its loan limits. Here are highlights of loan amounts and details for single family and up to 4 units and changes for those counties. 2016-11-23_1206           The changes do not impact FHA forward or reverse mortgages or VA loans for the moment. Those announcements should be forthcoming in the next couple of weeks.   With the 2008 economic stimulus plan FHA increased loan limits to $625,500 for reverse mortgages for one year and has extended this limit one year at a time since.  The $625k is due to expire this Dec 31. We should hear soon if it has been extended again or changed up or down. As Jonckers professional in business for over thirty years, I am here to consult with you and answer any questions you have about the strategic use of your mortgage. Let’s talk about your goals and perhaps ways that you can take advantage of these changes.  Call or email me – I am happy to help!     Clay-Selland Signet R3 280x120

Would Solar Work on YOUR House?

Written by Clay on . Posted in Current Events, Real Estate, Solar

solar panel lightbulb

Solar Panel Lightbulb

Recently, one of Google’s engineers, Carl Elkin, created a tool using Google Earth to determine whether or not solar panels on your roof are the best option economically. So I decided to get solar panels for my home and in the process I also hired Classic Air Conditioning and Heating to replace my air conditioner. ‘Project Sunroof’ was introduced, in which one can visit the Project Sunroof website, enter their address (given they live in the “project pilot cities of Boston, Fresno or the San Francisco Bay Area”), and figure out how much sunlight hits their roof. This information stems from available weather data and aerial imagery that factor in elements such as shade from buildings and trees as well as weather patterns. I have looked at this site – it is a non-intrusive way to get an idea if solar might be something to look at without a salesman at your kitchen table.  Very interesting use of Google Earth!! The main objective of this Gilbert ac maintenance project is to determine your home’s solar generating potential and how much solar panels could potentially save you on bills. The site will then list various installation companies if solar panels are the correct choice for your home. Enter your address in the site below and see how solar panels can help you! Monthly utility cost is one of the big problems, utility costs are one of the most substantial expenses you face. As more and more electronic devices come into homes, it seems that utility bills will only continue to increase. There are five ways to save money on your monthly utility bill , click the link to read it. We also recommend you to check the best maid service for your house at maidsailors.com. WEll, I got another better cleaning services that I found online. You can also visit house cleaning columbia sc to learn more. They are called as the King of Maids, just by the name you can tell that they are superior. And if you are also looking for online cleaning services, checkout Carpet Cleaning Melbourne to learn more. They pick the maids and make sure they have a minimum of two years experience before they can even join theplatform. This is why when they say we are the best way to get your home cleaned, they mean it! So, when you hire the best maid service, contact them. Project Sunroof READ FORBES ARTICLE HERE clay signature black Clay Selland, President Signet Mortgage Corporation 925-807-1500 x303 Clay@SignetMortgage.com NMLS#183492

Beware of Solicitations After Closing

Written by Clay S. on . Posted in Current Events, Homebuyers, Real Estate, Refinance

These solicitations to get a copy of your recent deed after closing ARE BOGUS!

Bogus Title Records Solicitations If you have ever closed a real estate transaction or refinance – then you have likely received solicitations from “title recording services” or “local property transfer services” looking very official because they contain details of your recent transaction. These solicitations are bogus and simply a money grab for companies set up to sell you a copy of your grant deed that the county is going to send you anyhow, or ask you to complete a declaration of Homestead which you can do with the county for free. This is the old-fashioned form of phishing – these companies are selling you “services” that you do not need. While these companies may be technically compliant because the fine print disclaimer indicates they are “not a governmental agency and do indicate you can get a copy of your deed or record from the county recorder’s office” – it still stinks and is very deceptive. The documents are cleverly designed to create urgency and be something that you need to take care of right away simply because they arrived shortly after your transaction and always contain a deadline for response.  They even go so far as to put a warning on the envelope indicating “$2000 fine and five years imprisonment or both for a person interfering with the delivery of this letter” … Well that is standard Postal Service regulation!

Treat these as junk mail and toss them in the trash (or better recycle the paper!)  Keep that $48.95 – $89.00 in your pocket – where it belongs!

clay signature black