I just got this breaking news from one of my preferred loan consultants, Amy Costa at iMortgage amy.costa@imortgage.com
This is huge because just last week the last 3% down conventional loan product I knew about that another one of my preferred consultants Lisa Parin and First Priority Financial lisa.parin@fpfmail.com offered and my clients were using went away and now people in high cost areas who planned to only put 3 1/2% down using an FHA loan on their home purchase will lose over $100K in their possible buying power come Januare 1, 2014!
Per the email I received from Amy today,
Loan limits for the following county’s as of January 1, 2014:
San Joaquin – $304,750 ( Was $488,750)
Contra Costa – $625,500 ( Was $729,750)
Alameda – $625,500 ( Was $729,750)
Stanislaus – $276,000 ( Was $423,750)
The revisions will be effective for all FHA case numbers assigned on or after January 1, 2014 through December 31, 2014. If you need limits for other counties, just contact Amy or Lisa and they can let you know.
Please keep in mind, Amy and Lisa have competitive Conventional products available with only 5% down. MI companies are getting a little more lenient and 80/10/10 products are coming back into the market. These, along with more aggressive Jumbo products, will replace the FHA loans lost with the reduction of loan limits.
It’s very important that buyers re-evaluate their current pre-approval to ensure that it will be valid come January 1!
Now more than ever, it will be extremely important to that buyers are working with an experienced, creative loan consultant with access to the best products available.
If you do not already have a trusted experienced and creative loan consultant who can offer a wide variety of products for you, feel free to contact Amy Costa and/or Lisa Parin to see what they have to offer for you and if you would be a good fit for each other.
By the way, I do not get paid any referral fees or anything like that for recommending them, they have just been awesome to work with and have been able to do loans for my clients and others I know when other banks and lenders could not AND they can usually close quicker than others as well which in this competitive market helps buyers’ offers stand out. Let them know you found out about them from me and they will make sure they take real good care of you!
Let me know how it goes!
