Wednesday, March 2, 2011

Word on the Street (Loans)

A quick tid bit: Rumors were circulating through the Mortgage Bankers Assoc meeting this morning are that the high balance FNMA/Freddie Mac loans will NOT be extended past September 30th. There have been previous expectations that this could change, but right now it's not looking good. If this happens it means $417,000 will be the limit for these loans. Anything over that could require 20% down.

On another (related) note: I did meet with a local lender at George Mason Bank today that is currently offering 80/10/10 loans which means they are offering Conv financing, 10% down, and a 10 percent second trust which is a 5 yr balloon with a 30 yr amoritization. If anyone needs contact info pls let me know.
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