Here is an FHA Update on Condo financing from friend of HotOnSanDiego and PRMI Mortgage's Kevin Kueneke.  For more information, please contact us directly. If you have gone to the FHA condo approval site this week, you would have seen that condo complexes that have approvals expiring on 12/07/2010 now have a notation below the date: nearing expiration.  I have attached the report for 92024 as an example.  This is of course a concern for anyone hoping to open escrow on such a...continue reading...

Well, it looks like the “new and improved” stimulus bill will have an immediate effect on mortgages.  Fannie Mae (FNMA), Freddie Mac (FHLMC), and the Federal Housing Administration (FHA) have announced that they are reinstating last year’s high balance conforming loan limits. For 2008, FNMA and FHLMC, as well as FHA, would insure loan amounts up to $697,500 in San Diego.  Any loan greater than that number was considered a Jumbo loan.  Unfortunately, that loan limit dropped to $546,250 effective for...continue reading...

Huge headlines, scary story lines, and big government moving at breakneck speed to shore up our economic backbone.  You are undoubtedly hearing about an eminent and massive move by the Federal government to finally get its arms around the national, indeed global, financial crisis. The latest courtesy of my friend and Branch Manager Paul Gonzalez at our sister company CW Mortgage.   We are writing to you today to briefly shed some light on what this may mean to you and...continue reading...

One of the most important functions of our Government is to help individuals and corporations when they are in trouble.  Last Sunday, our Government made a strategic decision to officially bail out Fannie Mae and Freddie Mac.  The decision is obviously great news for the two mortgage giants, and homebuyer-hopefuls should be just as excited - you're going to benefit, too!  Although the bailout is a complicated issue, it is better than the alternative - the failure of two companies that...continue reading...