Comments on: Orange County, CA & Other High-Cost Areas Get $729,750 Federal Loan Limit http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: frustrated http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-39493 frustrated Wed, 01 Apr 2009 21:16:27 +0000 http://blownmortgage.com/?p=2506#comment-39493 These new higher loan limits sound great in theory, but in practice mortgage brokers tell me they cannot offer them yet "because they are not on the term sheet yet", whatever that means. The stimulus bill was passed in February, 2009, it's now April, what gives? If the government has agreed to buy the higher limit loans, why are the lenders refraining from making loan commitments at the higher "conforming limit"? Can congress compel the lenders to make loans? I thought the whole purpose of the bailout was so banks could start to make loans! These new higher loan limits sound great in theory, but in practice mortgage brokers tell me they cannot offer them yet “because they are not on the term sheet yet”, whatever that means. The stimulus bill was passed in February, 2009, it's now April, what gives? If the government has agreed to buy the higher limit loans, why are the lenders refraining from making loan commitments at the higher “conforming limit”? Can congress compel the lenders to make loans? I thought the whole purpose of the bailout was so banks could start to make loans!

]]> By: morganb http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-23933 morganb Fri, 27 Feb 2009 19:19:25 +0000 http://blownmortgage.com/?p=2506#comment-23933 Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009. This was signed in to law on 2/17/09 so it should be effective as of that date. Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009. This was signed in to law on 2/17/09 so it should be effective as of that date.

]]> By: Mike Ross http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-21095 Mike Ross Thu, 26 Feb 2009 13:24:44 +0000 http://blownmortgage.com/?p=2506#comment-21095 Do you know when these high cost changes will take effect? I have a lot of buyers in this category now!!!!! Do you know when these high cost changes will take effect? I have a lot of buyers in this category now!!!!!

]]> By: FutureRob http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-20918 FutureRob Wed, 25 Feb 2009 00:46:10 +0000 http://blownmortgage.com/?p=2506#comment-20918 105% limit aside, if I'm reading the details correctly, doesn't the lender have to voluntarily agree to drop the mortgage to no more than 38% before qualifying for gov't assistance? If that's the case, I wouldn't expect this program to help a lot of people. 105% limit aside, if I'm reading the details correctly, doesn't the lender have to voluntarily agree to drop the mortgage to no more than 38% before qualifying for gov't assistance? If that's the case, I wouldn't expect this program to help a lot of people.

]]> By: FutureRob http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-20917 FutureRob Wed, 25 Feb 2009 00:32:56 +0000 http://blownmortgage.com/?p=2506#comment-20917 WTF is "numsber", dumb monkey? <br><br>People in Nevada are way off that number, too...by a long shot. WTF is “numsber”, dumb monkey?

People in Nevada are way off that number, too…by a long shot.

]]> By: Phil Caulfield http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-20895 Phil Caulfield Tue, 24 Feb 2009 16:31:49 +0000 http://blownmortgage.com/?p=2506#comment-20895 How come the lenders have not implemented the new loan amounts? How come the lenders have not implemented the new loan amounts?

]]> By: morganb http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-20893 morganb Tue, 24 Feb 2009 15:59:35 +0000 http://blownmortgage.com/?p=2506#comment-20893 i think it's to help all home owners, regardless of income class. i think it's to help all home owners, regardless of income class.

]]> By: morganb http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-20894 morganb Tue, 24 Feb 2009 15:59:31 +0000 http://blownmortgage.com/?p=2506#comment-20894 105% was the negative equity refinance limit approved as part of the<br>stimulus and it should still apply with this high-cost loan limit increase. 105% was the negative equity refinance limit approved as part of the
stimulus and it should still apply with this high-cost loan limit increase.

]]> By: Mike Rodeno http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-20560 Mike Rodeno Tue, 24 Feb 2009 05:37:06 +0000 http://blownmortgage.com/?p=2506#comment-20560 WTF is 105%...people in Cali are way the fuck off of that nums<br>ber...dumb monkey WTF is 105%…people in Cali are way the fuck off of that nums
ber…dumb monkey

]]> By: Miami Condo Forum Dot Com http://blownmortgage.com/2009/02/23/orange-county-ca-other-high-cost-areas-get-729750-federal-loan-limit/comment-page-1/#comment-20553 Miami Condo Forum Dot Com Tue, 24 Feb 2009 03:24:28 +0000 http://blownmortgage.com/?p=2506#comment-20553 What a joke! This is supposedly to help low income people? Low income = 730K? WTF! What a joke! This is supposedly to help low income people? Low income = 730K? WTF!

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