Good News Friday
Week 11
March 7,2008
(4 Minutes and 19 Seconds.)
(Click The Play Button Above To Listen To The Podcast.)
Hello and Welcome to Good News Friday! Today is Friday March 7, 2008. My name is Bruce Karasik.
Each week we bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com.
We have been talking in recent weeks about the bill H.R. 5140 and its effect on the housing market. New higher conforming loan limits are now set to take effect this month. The Department of Housing and Urban Development announced the new median home prices this week and these new median home prices were used to calculate the new conforming loan limits. The good news is that Los Angeles and Ventura County will have their limits increase to the new maximum amount of $729,750. Freddie Mac and Fannie Mae who back these loans and buy loans from the banks to create more liquidity in the market are reprogramming their computers and gearing up to implement the new program.
Despite the confusing language in the Bill, there is actually no date restriction for refinancing past loans, and the new limits will apply to FHA loans as well. That means you can refinance any past loan using the new loan limits, regardless of when the loan was first originated.
Remember... There Is No Date Restriction on When Loans Were Originated.
That means if you buy a home in 2008 or if you refinance your home in 2008 you will be able to get a lower conforming interest rate for loans up to $729,750. The previous limit was only $417,000. Now there are some limitations and this program is set to expire by December 31st of this year.
I am posting the link to the HUD website on my Blog where you can view the specific loan limits for your county.
So call me or email and I will be happy to talk with you on how these new developments can help you save money when you buy your home this year or refinance at the new lower rates.
The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at the Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home.
We continue to believe that homeownership will remain to be the best avenue for American families to secure their financial future. I look forward our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com.
So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday!
