Earlier this week the Federal Reserve announced a massive $800 billion program intended to unfreeze credit markets. The program includes $600 billion to buy mortgage-backed assets. This plan sound vaguely familiar? The massive purchase of mortgage-backed assets is intended to stimulate the housing market
Articles for November, 2008
Citigroup Mortgage Modification Program:
The CitiMortgage Loan Modification Program is similar to the FHFA and IndyMac Programs, but uses a 40% debt-to-income affordability criteria. Their program has a foreclosure moratorium feature and a mortgage prevention feature, which most programs don’t have.
Streamlined Loan Modifications:
The FDIC’s IndyMac mortgage modification program is the model for the Federal Housing Finance Agency (FHFA) loan modification program that was announced on November 11, 2008. The modifications were designed to achieve sustainable (affordable) payments at a 38% debt-to-income (DTI) ratio of principal, interest, taxes and insurance.
San Diego October Market Trends:
Sales Up & Prices Down
In brief, San Diego single family home sales have continued to rise for the fourth month in a row, nearly double last October’s numbers. This puts sales up almost 6% for the year. As in past months, prices continue to slide, with median prices down 1.9% since September, and off nearly [...]
2009 Conforming Loan Limits
The FHFA released conforming loan limits for 2009 today. The limits will remain at $417,000 for most areas. In San Diego County, a high cost area, the limit will be $546,250. The table gives conforming mortgage limits for San Diego County and neighboring areas…
These limits do depend on the property location. In San Diego County, a high cost area, the limit for single unit properties will be $546,250. The table gives the conforming mortgage limits for 1 to 4 unit properties for San Diego County and neighboring areas.