2017 San Diego Loan Limit Changes

Blog, Buyer, Financing, Real Estate
There are usually three types of mortgages: conventional, high balance and jumbo.  The loan limits for these mortgages will be increased starting Jan 1, 2017.  Here's a breakdown of what it will look like in 2017: Conventional - up to $424,100 High Balance - $424,100 - $612,950 Jumbo - above $612,950 In general, the conventional loan will have the lowest interest rate.  When banks talk about interest rates, they are usually referring to the conventional loan rate.  Any loan amount above the conventional loan limit introduces more risk to the bank.  Due to this, they normally charge a higher interest rate and have stricter underwriting guidelines.  High balance loans will normally have a higher interest rate than the conventional loan and jumbo loans will generally have a higher interest rate…
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Underwater on your home?

On March 1, 2013 the revised guidelines of the deed-in-lieu (DIL) of foreclosure will go into effect.  There will be 3 changes: 1) The change will allow some homeowners who cannot obtain a loan modification or short sale to relinquish their home to the owner of the mortgage and cancel their debt. 2) The servicer incentive for completing a DIL of foreclosure will increase from $275 to $1500. 3) Servicers no longer need written approval to postpone a foreclosure sale for mortgages that are more than 12 months delinquent. #2 and #3 are pretty self-explanatory so let's concentrate on the requirements for #1. Homeowners who are 90 days or more delinquent on their loan must be experiencing one of 10 hardships listed below: Unemployment Reduction in income: Hardship that has…
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