2009 Mortgage Limits
The Housing and Economic Recovery Act established high-cost area loan limits for conventional loans based on the higher of $417,000, or 115% of the area median home price, not to exceed 150% of the conforming limit, or $625,500. FNMA announced in bulletin 08-27 that they will be posting an excel file with next years limits for High Cost Counties and also updating their Loan Limit Geocoder as well.
Effective immediately we will start to accept loans locked under the new 2009 limits on our Torrey Pines programs. Torrey Pines rate sheet has been updated with the new pricing adjusters and the Program guideline for this program will be made available shortly. Listed below are some of the changes for the program:
- Pricing has gotten significantly improved
- Follows FNMA base pricing and adjustments
- Program adjustment of .375 on all programs (additional adjustments possible depending on your loans requirements)
- Underwriting
- DO Support for 2009 limits will be incorporated around December 13th, 2008
- Higher LTV/CLTV for Second Homes and Investment Properties
- Maximum DTI of 45% regardless of DO findings
Please feel free to contact your VP of Wholesale Lending or the Underwriting Department for further clarification if needed.
Thank you for your continued business!!