11/17/22 – What is happening to interest rates?

Well, as you can see from all the news outlets, mortgage interest rates are on the rise.  This is due to many factors, but mainly due to inflation and our economy.  With gas prices and the cost of goods sold rising, this directly affects the bond market, which in turn affects the interest rates.  Rates have […]

2022 Loan Limits

Looks like the conforming loan limits are going up! The conforming limit for 2022 is: $700,000 The high balance conforming loan limit for 2022 is: $980,700  

Amazingly High Conforming Loan Limits for 2020

Great News!!!!  The conforming loan limit for Los Angeles County is $510,400, and the conforming high balance limit is $765,600.  This will allow folks to get great low rates with higher loan limits rather than be forced to go with a Jumbo loan.  Jumbo loans usually have stricter guidelines, need more reserves and lower debt […]

11/10/17 – News about Alimony

Did you know that in the past, Alimony was added to your liabilities, like a car loan or student loan and your debt-to-income ratio was calculated based on that.  But now, Freddie Mac has changed that to where Alimony can now be subtracted from your income and not your debt section, which in return allows […]

11/10/2017 – HomeStyle Renovation Loan

Did you know that Fannie Mae offers a renovation loan that allows you to make repairs to your home like adding a room, pool, upgrading bathrooms, kitchen and many more fixes right when you purchase the home or even as a refinance. The benefit is that the lender will order an AFTER IMPROVED valuation rather […]

2/13/17 – Interest rates staying stable

Looks like rates have been fairly stable over the last week….But keep your eye on them as we never know when they are likely to change.  We are in turbulent times. On another note, did you know that I can now offer non-residential loans from $2000-$35000.  On my home page www.somloans.com, right under my video, […]

1/20/17 – FHA rescinded lowering of their Mortgage Insurance

Today, the Federal Housing Administration rescinded the lowering of the mortgage insurance monthly premium rate by .25%.  This was all due to the Trump Administration determining that the lowering would not be in the best interest of the institution at this time.  This could be revisited at a later date….So the mortgage insurance on FHA […]

1/17/2017 – New Fannie/Freddie Loan Limits

The new loan limits for 2017 are as follows: Conforming $424,100 High Balance $636,150 This took effect 1/1/2017 #newloanlimits #fannieloanlimits #freddieloanlimits If you have any questions, please call Jeff Eiesnberg at 661-964-2600  jeff@somloans.com  www.somloans.com

01/16/2017 – New FHA MIP

Well, FHA finally lowered their monthly mortgage insurance premium from .85% to .60%.  This will help home buyers qualify a bit easier as it will directly effect their monthly payment.  This takes effect on all FHA loans issued after 1/27/2017.  For more info:  call Jeff Eisenberg at 661-964-2600  CalBRE Lic. #01458657, NMLS #237717 #besthomeloans #fhaloans […]