Lund Team Journal - July, 2011

3.5% Credit Back To Homebuyers

Posted by Tyson Lund on July 22nd, 2011

Special Fannie Mae HomePath Buyer Incentive Offer

There's great news from Fannie Mae: Buyers may be eligible to receive up to 3.5% in closing cost assistance through October 31, 2011 as part of the HomePath buyer incentive.

To be eligible for this incentive, the following qualifications must be met:

1. Buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible.
2. The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
3. The sale must close on or before October 31, 2011. No exceptions will be made to this deadline.
4. Only buyers purchasing a HomePath…

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Loan Limit Change: San Diego County

Posted by Tyson Lund on July 12th, 2011

Loan Balance Update:

As a reminder to our buyers and sellers, the higher conforming loan balance amounts are set to shift down from $697,500 in San Diego to a possible $550,000.  The amounts are not set yet by the Federal Housing Administration.  The governmental stimulus package is set to expire in September, and without intervention from Congress, lenders will start putting deadlines on applications taken with these high loan amounts. Several lenders have already set a July 15th deadline on new applications for high balance loans to ensure closing by the deadline.

Barring government policy change, those wanting to borrow over the new government limit will have to pay a higher rate on the remaining balance. This is due to the increased risk…

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Fannie Mae and Freddie Mac May Merge

Posted by Tyson Lund on July 7th, 2011

There is still in its infancy, but having government support would most likely support an era of low mortgage rates.  See and read below:

Bill proposes merger of Fannie and Freddie

Rep. Gary G. Miller (CA-42) and Rep. Carolyn McCarthy (NY-04) are expected to introduce a bill tomorrow to merge Fannie Mae and Freddie Mac, and restructure the company into a government-held corporation.

The legislation will propose that the merged company purchase mortgages and sell them to investors as securities that are government-backed. The new company wouldn't operate for profit-making purposes and wouldn't have shareholders.

Under the proposal, a five-member board would govern the corporation, and it would be regulated by the Federal Housing Finance…

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