mortgage insiders believe that he backed off that condition today.<\/strong><\/p>\nThe word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms:<\/p>\n
1- GSE (conforming) loan limits will be temporarily increased to $650,000 and remain in place until 12\/31\/2008. That means that states like California, Illinois, New York, Massachusetts, and New Jersey will get some much needed relief.<\/p>\n
2- FHA loan limits, currently locked at $362,790, will be recalculated to 125% of the county’s median price, with a limit of $729,000. This is useful for states like California where the conforming loans are subject to LTV decreases due to declining market conditions. FHA loans aren’t subject to those blanket LTV guidelines. This loan limit hike is expected to be permanent, unlike the temporary GSE hike.<\/p>\n
Nothing is rock-solid; it’s all rumor at this point.<\/strong> The Senate will play with the numbers but the Beltway Crowd says that President Bush has signaled the loan limits he will support, today. Expect this to be a reality sometime between Valentine’s Day and St. Patrick’s Day.<\/p>\nWhy the sudden reversal from Bush?<\/p>\n
It’s the economy, stupid.<\/p>\n","protected":false},"excerpt":{"rendered":"
A conforming loan limit of $650,000 and an FHA loan limit of $729,000 are being telegraphed as part of the Economic Stimulus Package of 2008. Inman News reports that Congress backed a temporary loan limit increase to $625,000: The government-sponsored enterprises, or GSEs, may soon be allowed to back loans up to $625,000 nationwide and […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-2536","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2579,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2579\/higher-loan-limits-ok-ed-by-senate\/","url_meta":{"origin":2536,"position":0},"title":"Higher Loan Limits OK-ed by Senate","author":"Brian Brady","date":"February 8, 2008","format":false,"excerpt":"We talked about the foregone conclusion of higher loan limits for conforming and HUD loans two weeks ago: The word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms: 1- GSE (conforming) loan limits will be temporarily increased\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4606,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4606\/federal-bailouts-world-crisis-what-about-little-ol-me\/","url_meta":{"origin":2536,"position":1},"title":"Federal Bailouts, World Crisis… What About Little Ol’ Me?","author":"Sean Purcell","date":"September 23, 2008","format":false,"excerpt":"Lots of talking heads.\u00a0 Lots of outrage.\u00a0 Even a little fear.\u00a0 Keeping up with economic developments lately is taxing and I mean taxing in its most negative \"IRS and April 15th\" connotation.\u00a0 Last night Brian Brady and I were interviewing Matt Padilla for Bloodhound Radio.\u00a0 It was a great discussion\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4751,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4751\/va-and-fha-higher-loan-limit-extension-through-2011-the-main-street-bailout\/","url_meta":{"origin":2536,"position":2},"title":"VA and FHA Higher Loan Limit Extension Through 2011: The Main Street Bailout","author":"Brian Brady","date":"September 30, 2008","format":false,"excerpt":"We don't have a \"Main Street\" in Southern California; we have the US Route 101 (or CA State Highway #1). We call it the Coast Highway, the Pacific Coast Highway, or the PCH.\u00a0 When I think of a bailout plan for Main Street, I think of it for homes within\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4812,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4812\/other-types-of-credit-may-be-feeling-the-crunch-but-home-mortgages-are-still-readily-available\/","url_meta":{"origin":2536,"position":3},"title":"Other types of credit may be feeling the crunch, but home mortgages are still readily available","author":"Greg Swann","date":"October 4, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Other types of credit may be feeling the crunch, but home mortgages are still readily available Bad news about the economy is coming in from all directions, so you may be in the mood for some good\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14833,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14833\/the-sky-is-falling-and-so-are-loan-limits\/","url_meta":{"origin":2536,"position":4},"title":"The Sky is Falling… and So Are Loan Limits","author":"Sean Purcell","date":"July 25, 2011","format":false,"excerpt":"The most recent loan limit in San Diego County has been $697,500, thus making it exceedingly difficult for those of us who toil away in the real estate salt mines of America's Finest City to keep beautiful San Diegans housed in the luxury to which they have become accustomed...","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9325,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9325\/va-jumbo-mortgages-determining-the-down-payment\/","url_meta":{"origin":2536,"position":5},"title":"VA Jumbo Mortgages: Determining The Down Payment","author":"Brian Brady","date":"July 28, 2009","format":false,"excerpt":"Sean Purcell and I are really figuring VA-guaranteed\u00a0 jumbo loans.\u00a0 We're getting a steady stream of business from high-cost California counties.\u00a0 One of the common misconceptions is that VA loans are capped at the county loan limit, like FHA and conventional mortgages.\u00a0 I'm going to walk you through the formula\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2536"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2536\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}