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Economic stimulus package, has it helped?
By Mr. B | March 28, 2008
I read a great article about the new conforming loan limits today in the san Jose Mercury news. It echos everything I have been seeing from the lenders. I was hoping that the economic stimulus package was going to have a larger impact that it has. My phone has been ringing off the hook lately from people needing to get a debt consolidation loan. Many have a jumbo first loan and a small second they they want to combine and get a fixed rate payment on. With the values dropping in Santa Clara County, almost every one of them wants to convert their short term ARM to a 30 yr fixed rate with an affordable payment. With the current jumbo 30 year fixed rates being as ugly as they are, it doesn’t make sense for them to do it. With the new conforming limits these loans should be possible at much lower rates. The guidelines for the new loans are so strict, the impact we were hoping for may never happen. I can understand lenders being conservative on the loans they underwrite, but please…. Let’s bring back some common sense underwriting and let the qualified borrowers take advantage of the ecomomic package as it was intended.
Topics: Mortgage, Brokers, Mortgage Brokers |
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