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새로운 guideline에 얼마나 많은 사람들이 적용이 될까요? 글쎄요.... 그다지 낙관적이지는 않지만, 그래도 정부에서 뭔가를 하니깐 기대를 조금 하는수밖에요.
지난 6개월사이에 베이지역의 대부분이 10-15%정도 집값이 내려갔습니다. 믿기가 쉽지 않겠지만, 지금도 계속 내려가는 중입니다. 아마도 2007/2008년이 근 몇 십년동안 가장 큰 폭으로 떨어지지 않을까 생각이 됩니다. 12월에 새로운 대통령이 여러 방향과 방침들을 제시하면서 2009년을 새롭게 출발하겠지만, inflation은 이미 고삐를 놓쳤고, 그나마 경제라도 잡아줬으면 합니다.
개인적인 견해지만, 새로운 융자 guideline이 생겼다고 해서 은행이 무조건 일률적인 이자율을 모두 적용한다고 생각진 않습니다. $729,750 이하에서도 여러가지의 sub category가 있을것으로 봅니다. 융자 금액/크레딧/인컴등등에 따라서 점차적으로 등급을 정할것 같습니다. 융자 금액도 예를 들자면, 0-$400,000, $400,001-$500,000, $500,001-$600,000, $600,001-$700,000, $700,001-$729,750....., 거기에 따라서 0.25% 이자율이 적용이 된다는등..., 크레딧, 인컴, LTV에 따라서 적용하듯이 적용이 될것 같은데요. 허지만, 이자율보다는 conforming loan에 따르는 자격 조건이 non conforming loan의 자격 조건보다는 더 수월하기 때문에 이 부분이 더 중요하리라고 봅니다.
http://bankrate.com/brm/news/mortgages/place11.asp
You might be disappointed if you planned to refinance your mortgage under the new "jumbo-conforming" limits. The requirements are stringent, and they might leave some would-be borrowers out.
Homeowners who wanted to pay off their home-equity debt by doing a cash-out refinance are out of luck. Under Fannie Mae's guidelines, they won't be able to do that. That's the requirement that will trip up the most borrowers who wanted to take advantage of the temporarily higher jumbo-conforming limits in expensive areas.
Mortgages are divided into two types, depending on the loan amount. Until this month, a mortgage of $417,000 or less was a conforming loan, and a mortgage greater than that was a jumbo loan. Rates on jumbo mortgages are about a percentage point higher than rates on conforming loans.
The federal government has raised the loan limit in a few hundred counties where the houses are expensive. The goal is to allow people in high-cost areas to refinance at rates that are lower than those for jumbo loans. Now, instead of having one conforming limit across the country, there is a $417,000 conforming limit in most of the country, and varying "jumbo-conforming" limits in expensive areas.
Depending on the median cost of houses in each metro area, the jumbo-conforming limit can be as high as $729,750. You can look up your county's limit on this clickable map.
"These provide a tremendous opportunity for many people who previously could not have refinanced," says Nicholas Bratsafolis, chairman of New York-based Refinance.com. Lenders aren't quoting rates on these jumbo-conforming loans yet. Bratsafolis expects lenders to come out with rate sheets on these mortgages before the Ides of March.
Under Fannie Mae's guidelines:
Jumbo-conforming mortgages have rather strict loan-to-value limits. If you're getting a loan to buy your principal home, you can't borrow more than 90 percent of the home's value if you get a fixed-rate loan, and you can't borrow more than 80 percent of the home's value if you get an adjustable-rate loan.
If you're refinancing, you can't get a first-lien mortgage of more than 75 percent of the home's appraised value. The combined amount of all mortgages, including home-equity debt, can't exceed 95 percent of the appraised value. These loan-to-value ratios for refinances apply to both fixed-rate and adjustable-rate loans.
You can do only a "limited cash-out refinance," which means that you can borrow a little bit more than your current balance, but only to pay closing costs or borrow a round number (i.e., borrow $530,000 instead of $528,838). You can't do a cash-out refi to pay off a home-equity loan or home-equity line of credit, or to walk away from the closing table with a check for more than $2,000.
You have to have a credit score of 660 or higher. If you're getting the loan to buy a house, and you're borrowing more than 80 percent of the home's price, the minimum credit score is 700.
For second homes and investment properties, the maximum loan-to-value is 60 percent, and the minimum credit score is 660.
It has to be a one-unit property. That includes a single-family house, of course, and it also includes condominium units. It excludes duplexes and triplexes where the owner rents out the other units.
Because you can't get a cash-out refi to pay off home-equity debt, the second-lien holder has to sign off on the refinance and agree to remain in the second lien position.
Dick Lepre, senior loan consultant with Residential Pacific Mortgage in San Francisco, says this requirement will complicate things for about one-third of the borrowers who have already applied with him, hoping to get jumbo-conforming loans. The problem is that if the rates on the new jumbo-conforming loans aren't low enough, it won't make financial sense for these people to refinance.
Other homeowners might face a different problem. Some home-equity lenders, most prominently National City Mortgage, are refusing to agree to remain in the second-lien position, forcing borrowers to either pay off their home-equity debt or forgo refinancing.
You can't have had any late mortgage payments in the last 12 months. A late payment is defined as 30 days or more late.
The debt-to-income ratio is capped at 45 percent. That means if you have a gross income of $200,000 a year, the total debt payments can't exceed 45 percent of that, or $90,000. All ARMs are qualified based on the fully indexed rate.
Your life has to be an open book. You have to permit an appraisal with interior and exterior inspections, and fully document your income and assets.
If the loan-to-value exceeds 80 percent, you have to buy mortgage insurance.
You can't get a construction-to-permanent loan under the jumbo-conforming amount.
There is no guarantee that the rates on jumbo-conforming loans will be low enough to attract a lot of borrowers. Rates will be set by the market. The most likely outcome is that the rates on the jumbo-conforming loans will end up somewhere between those for conforming loans and those for jumbo loans.
In the most recent Bankrate.com survey of mortgage rates, conducted March 5, the average rate on a conforming 30-year fixed was 6.32 percent. The average rate on a jumbo 30-year fixed was 7.43 percent.
-- Posted: March 7, 2008
지난 6개월사이에 베이지역의 대부분이 10-15%정도 집값이 내려갔습니다. 믿기가 쉽지 않겠지만, 지금도 계속 내려가는 중입니다. 아마도 2007/2008년이 근 몇 십년동안 가장 큰 폭으로 떨어지지 않을까 생각이 됩니다. 12월에 새로운 대통령이 여러 방향과 방침들을 제시하면서 2009년을 새롭게 출발하겠지만, inflation은 이미 고삐를 놓쳤고, 그나마 경제라도 잡아줬으면 합니다.
개인적인 견해지만, 새로운 융자 guideline이 생겼다고 해서 은행이 무조건 일률적인 이자율을 모두 적용한다고 생각진 않습니다. $729,750 이하에서도 여러가지의 sub category가 있을것으로 봅니다. 융자 금액/크레딧/인컴등등에 따라서 점차적으로 등급을 정할것 같습니다. 융자 금액도 예를 들자면, 0-$400,000, $400,001-$500,000, $500,001-$600,000, $600,001-$700,000, $700,001-$729,750....., 거기에 따라서 0.25% 이자율이 적용이 된다는등..., 크레딧, 인컴, LTV에 따라서 적용하듯이 적용이 될것 같은데요. 허지만, 이자율보다는 conforming loan에 따르는 자격 조건이 non conforming loan의 자격 조건보다는 더 수월하기 때문에 이 부분이 더 중요하리라고 봅니다.
http://bankrate.com/brm/news/mortgages/place11.asp
You might be disappointed if you planned to refinance your mortgage under the new "jumbo-conforming" limits. The requirements are stringent, and they might leave some would-be borrowers out.
Homeowners who wanted to pay off their home-equity debt by doing a cash-out refinance are out of luck. Under Fannie Mae's guidelines, they won't be able to do that. That's the requirement that will trip up the most borrowers who wanted to take advantage of the temporarily higher jumbo-conforming limits in expensive areas.
Mortgages are divided into two types, depending on the loan amount. Until this month, a mortgage of $417,000 or less was a conforming loan, and a mortgage greater than that was a jumbo loan. Rates on jumbo mortgages are about a percentage point higher than rates on conforming loans.
The federal government has raised the loan limit in a few hundred counties where the houses are expensive. The goal is to allow people in high-cost areas to refinance at rates that are lower than those for jumbo loans. Now, instead of having one conforming limit across the country, there is a $417,000 conforming limit in most of the country, and varying "jumbo-conforming" limits in expensive areas.
Depending on the median cost of houses in each metro area, the jumbo-conforming limit can be as high as $729,750. You can look up your county's limit on this clickable map.
"These provide a tremendous opportunity for many people who previously could not have refinanced," says Nicholas Bratsafolis, chairman of New York-based Refinance.com. Lenders aren't quoting rates on these jumbo-conforming loans yet. Bratsafolis expects lenders to come out with rate sheets on these mortgages before the Ides of March.
Under Fannie Mae's guidelines:
Jumbo-conforming mortgages have rather strict loan-to-value limits. If you're getting a loan to buy your principal home, you can't borrow more than 90 percent of the home's value if you get a fixed-rate loan, and you can't borrow more than 80 percent of the home's value if you get an adjustable-rate loan.
If you're refinancing, you can't get a first-lien mortgage of more than 75 percent of the home's appraised value. The combined amount of all mortgages, including home-equity debt, can't exceed 95 percent of the appraised value. These loan-to-value ratios for refinances apply to both fixed-rate and adjustable-rate loans.
You can do only a "limited cash-out refinance," which means that you can borrow a little bit more than your current balance, but only to pay closing costs or borrow a round number (i.e., borrow $530,000 instead of $528,838). You can't do a cash-out refi to pay off a home-equity loan or home-equity line of credit, or to walk away from the closing table with a check for more than $2,000.
You have to have a credit score of 660 or higher. If you're getting the loan to buy a house, and you're borrowing more than 80 percent of the home's price, the minimum credit score is 700.
For second homes and investment properties, the maximum loan-to-value is 60 percent, and the minimum credit score is 660.
It has to be a one-unit property. That includes a single-family house, of course, and it also includes condominium units. It excludes duplexes and triplexes where the owner rents out the other units.
Because you can't get a cash-out refi to pay off home-equity debt, the second-lien holder has to sign off on the refinance and agree to remain in the second lien position.
Dick Lepre, senior loan consultant with Residential Pacific Mortgage in San Francisco, says this requirement will complicate things for about one-third of the borrowers who have already applied with him, hoping to get jumbo-conforming loans. The problem is that if the rates on the new jumbo-conforming loans aren't low enough, it won't make financial sense for these people to refinance.
Other homeowners might face a different problem. Some home-equity lenders, most prominently National City Mortgage, are refusing to agree to remain in the second-lien position, forcing borrowers to either pay off their home-equity debt or forgo refinancing.
You can't have had any late mortgage payments in the last 12 months. A late payment is defined as 30 days or more late.
The debt-to-income ratio is capped at 45 percent. That means if you have a gross income of $200,000 a year, the total debt payments can't exceed 45 percent of that, or $90,000. All ARMs are qualified based on the fully indexed rate.
Your life has to be an open book. You have to permit an appraisal with interior and exterior inspections, and fully document your income and assets.
If the loan-to-value exceeds 80 percent, you have to buy mortgage insurance.
You can't get a construction-to-permanent loan under the jumbo-conforming amount.
There is no guarantee that the rates on jumbo-conforming loans will be low enough to attract a lot of borrowers. Rates will be set by the market. The most likely outcome is that the rates on the jumbo-conforming loans will end up somewhere between those for conforming loans and those for jumbo loans.
In the most recent Bankrate.com survey of mortgage rates, conducted March 5, the average rate on a conforming 30-year fixed was 6.32 percent. The average rate on a jumbo 30-year fixed was 7.43 percent.
-- Posted: March 7, 2008
작성일2008-03-13 13:26
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