Hope for Homeowner Program is a Big Flop!

The Federal Governments stimulus package that was supposed to help homeowners who are facing foreclosure and who are upside down on their homes turned out to be a big flop. The Hope for Homeowner program which is all over the governments website: http://www.fha.gov/ is having it issues. The main issue is that this program is voluntary. Lenders do not have to participate and they aren't. I've heard that one lender, Flagstar Bank is one of the few that is utilizing this program. Only problem is that they are only refinancing loans that they are servicing, so if your mortgage isn't with Flagstar, then you are out of luck. I will do my best to keep you informed of the latest developments with this program as it unveils.

Remember to visit my site: http://www.southernoaksmortgage.com/ or www.somloans.com

Fed to buy Mortgage Backed Securities!

Great news, the Fed decided to purchase $600 Billion worth of mortgage backed securities today which sparked a fantastic boost to mortgage bonds. Rates went down approximately .5% today, reaching roughly 5.25% on a conforming 30 year fixed. (APR 5.373) We could be in for a short term refinance boom in the coming days. Enjoy it while it lasts.

And please visit my site: http://www.southernoaksmortgage.com/ or http://www.somloans.com/

New 2009 Limits for Home Loan with Fannie/Freddie

The Federal Housing Finance Agency (FHFA) announced today that the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009 will remain at $417,000 for most areas in the US. As in previous years, the 2009 limits are higher in Alaska, Hawaii, Guam, the US Virgin Islands, and other high price areas such as parts of California. In those areas, loan limits vary from $625,500 to $721,050 for one-unit properties.

Looks like Los Angeles & Orange County will be $625,500. Ventura County will be at $598,000. If you are interested in knowing your county, please call. And remember to visit our website: http://www.southernoaksmortgage.com/ or http://www.somloans.com/

A New President!

Wow, what a crazy election this was. As Obama says, "We can change". Well, once he is sworn in and begins his term, we will see if he can change this country for the better. Interesting news on the mortgage side, rates improved a bit today. This is a good sign because that means that the investors are confident and are investing in mortgage backed securities. Let's hope this continues. Visit my site: www.somloans.com