Legal Updates

Conforming Loan Limits 2017

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Conforming Loan Limits Will Increase in 2017

On November 23, the Federal Housing Finance Agency (FHFA) announced that it would raise the baseline conforming loan limit for 2017. They are also increasing the limits for certain “higher-cost areas” that are above the baseline. This is in response to significant home-price gains that occurred during 2016.

In most counties across the country, the 2017 maximum conforming loan limit for a single-family home will be $424,100. (Riverside County included) That’s an increase of $7,100 from the 2016 baseline limit of $417,000. This is the first time federal housing officials have raised the baseline since 2006.

In higher-cost real estate markets, like Orange County, San Francisco and New York City, the limit for a single-family home loan can be as high as $636,150.  San Diego County is increasing to $ 612,950.

Anything above these caps is considered a jumbo mortgage and subject to more scrutiny and higher rates.

What Is a Conforming Loan?

A conforming home loan is one that meets certain guidelines set forth by Freddie Mac and Fannie Mae.

Freddie and Fannie are the two government-sponsored enterprises (GSEs) that purchase mortgages, bundle and securitize them, and then sell them to investors through Wall Street and other channels.

Looking to make a move?  Let us help…we are a phone call, text or email a way.  Gary and April Greer at 951-522-0518 or april@teamgreer.com

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What is Probate, Temecula Valley, California?

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Probate is a scary word in real estate since it is not a majority sale type.  Agents and Buyers have little experience with the ins and outs so the typical result is to avoid these types of sales.  We’ve had the privilege this year to participate in 4 probate transactions and successful court approved closings so we have a little more confidence in the process and what is expected by the parties involved.

So what is probate?  Probate is the legal process that results in a court validating someone’s will or determining that he or she died without one. The court, as part of the probate, will appoint someone to handle the bills of the deceased as well as his or her assets.

I’ve located an article that really drills down and explains some of the finer points here at

Overview of the California Probate Process  Please keep in mind that laws are constantly changing.  We strongly recommend that you seek legal counsel prior to making any decisions based on information provided by this blog.

If you find yourself or a family member in a situation where a probate sale may be necessary, please give us a call so that we can share our marketing strategies.  Keep in mind that these type of sales are generally avoided so an excellent marketing strategy and good communication skills will make a huge difference in bridging the gap of understanding with the public resulting in a faster sale at a higher price.

Our primary areas of experience include Temecula, Murrieta, Menifee, Wildomar, Hemet, Winchester, French Valley and Lake Elsinore.  We look forward to your call!  April Greer at 951-522-0518 or april@teamgreer.com

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2014 Conforming Loan Limits

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The FHFA (Federal Housing Finance Agency) recently announced that conforming loan limits will remain at $417,000!

A quiet battle was waged within the industry after the announcement that they were considering reducing the loan limits.  This would have made it more difficult for borrowers to obtain loans on properties in some areas.  So this is great news.  Here is an excerpt from the announcement by CAR( California Association of Realtors):

“C.A.R. applauds the FHFA for keeping with the law and retaining the existing Fannie Mae and Freddie Mac conforming loan limits.  The FHFA recognizes that home prices have rebounded in California, especially in the high-cost areas, where lowering the loan limits would have reversed the housing recovery.  Retaining the higher loan limits is critical to providing liquidity in today’s housing market and is essential to a full housing recovery.

Earlier this year, the FHFA announced its intention of lowering the loan limits.  Since then, C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) aggressively fought to prevent a reduction in the loan limits.  C.A.R. and NAR both have long advocated for making higher conforming loan limits permanent, and as a result of our combined efforts, Congress made permanent the maximum conforming loan limits at $625,500.”

Need help with your Temecula Valley Real Estate?  Contact us at 951-522-0518 or at april@teamgreer.com

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