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Want to Know Why Many Mortgages Are Denied? It Often Starts With the Borrower Saying, “I’m Going to MY Bank. They Know Me There.”

 

In many industries, there’s a statement that professionals often hear which makes them shudder.

For physicians, it could be, “Why should I quit smoking?  I feel fine!” With Financial Planners, its, “The other guy promised me a 25% annual return, with no risk!” And CPA’s just love to hear, “Receipts?  What receipts??”

  . . . → Read More: Want to Know Why Many Mortgages Are Denied? It Often Starts With the Borrower Saying, “I’m Going to MY Bank. They Know Me There.”

Maximum Loan Limits Being Reduced?? (Part II)

  A few months ago, I informed you that the Fannie Mae, Freddie Mac, and FHA extended loan limits are due to expire on October 1, 2011. (Click here to read my original article, Maximum Loan Limits Being Reduced??) In the New York Metropolitan area, this means that the conforming-jumbo loan limits will drop . . . → Read More: Maximum Loan Limits Being Reduced?? (Part II)

Real Estate in NYC is Hot Again…But It’s Not What You Think.

  As another sign of a real estate recovery, Realtors, who specialize in high-end luxury apartments, are telling me that people are buying!  But these buyers aren’t Wall Street traders or even Fortune 500 executives.  These buyers are foreign nationals.

Europeans, Asians, and Mid-Easterners are taking advantage of the weak US Dollar and are . . . → Read More: Real Estate in NYC is Hot Again…But It’s Not What You Think.

Maximum Loan Limits Being Reduced??

In 2008, when the mortgage implosion began, the availability of jumbo money became scarce. (Jumbo mortgage loans for single-family homes are loan sizes that exceed $417,000. Two through four family home loan limits are higher.)

The availability of jumbo money has traditionally come from third party sources other than Fannie Mae and Freddie Mac, . . . → Read More: Maximum Loan Limits Being Reduced??

Jumbo Market Has Problems. I’m Providing Solutions!

(Originally published September 26, 2009.)

The Jumbo Mortgage Market is facing significant challenges. In this prolonged financial crisis, many banks are reluctant to lend in the higher-end of the housing market. And, under the Obama Administration, federal programs designed to help struggling homeowners, do not include homes worth more than $730,000.

Mortgage loans fall . . . → Read More: Jumbo Market Has Problems. I’m Providing Solutions!