Morgan Hill: San Martin:
Homes Newly Listed 20 Homes Newly Listed 2
Homes went into Contract 13 Homes went into Contract 2
Homes Closed Escrow 4 Homes Closed Escrow 1
Gilroy: Hollister:
Homes Newly Listed 24 Homes Newly Listed 39
Homes went into Contract 32 Homes went into Contract 56
Homes Closed Escrow 5 Homes Closed Escrow 5
CARSON AND TEAM
Real Estate and Mortgage Information
New Conforming Loan Limits
Fannie Mae has announced new conforming loan limits. According to the announcement, they will begin accepting loans under the new loan limits (125% of the median sales price with a minimum of $417,000 -- $729,750 for the Bay Area) April 1, 2008. Fannie has created a category called Jumbo-Conforming loans. Right now Fannie says all of them must be traditionally underwritten with no more than a 45% max DTI. They are also limiting them to 15 and 30 year fixed rate fully amortizing loans and 5/1 ARMs in both fully amortizing and interest only. They are for one unit properties only. Other items to watch:
- No cash out refinances allowed
- Any existing subordinate financing must re-subordinate -- no consolidation.
- They will not refinance loans less than 6 months old
- Limit of 4 financed properties, including principal residence
Please refer to https://www.efanniemae.com/sf/mortgageproducts/index.jsp# or http://www.ofheo.gov/newsroom.aspx?ID=418&q1=1&q2=None
