Bruce McGinley Loan Officer/ branch Manager

https://housingbrief.com//5f0866f/5e90928e13238423e094a705

Prior period had been revised to down -5.9% so a good showing after a poor prior month. Trend is up and should continue with lower rates and increased activity.

Very interesting and hopefully they will amend the Debt -to income ratios in the coming year. It would be good to see a dti ratio up to 49% with layered risk due to credit scoring. They should also consider higher debt to income for lower loan to value at higher dti ratio based on a credit scoring model and weighted on residual income remaining after the proposed monthly debt service is paid.

Interesting article touching on some areas that could prove difficult in the near future. If you are looking to take cash out or in the process of starting a cash out home loan I would strongly recommend applying for your home loan and insisting on locking in your rate to secure the terms and cash out on the loan. A few larger lenders have recently pulled out of the cash out Conforming Loan Programs offered by FNMA and FHLMC due to the uncertainty of the Covid19 Forbearance program and the date of when employers will call back the workforce.

Federal Reserve drops Fed rate to O.00000. Time to REFI and Buy a home!Federal Reserve drops Fed rate to O.00000. Time to REFI and Buy a home!

New 2020 FHA Loan Limits Property Type SFR 2 unit 3 unit 4 unit Riv./SB 442,750 566,800 685,100 851,450... San Diego 701,500 895,050 1,085,550 1,309,050 L.A/OC 765,600 980,325 1,184,925 1,472,550 Call or PM me for any questions or your County Limits

GREAT NEWS The Federal Housing Finance Agency announced Tuesday that it will increase the limit on conforming loans, meaning mortgages that adhere to the standards imposed by Fannie Mae FNMA, and Freddie Mac, to a maximum of $510,400 nationwide. In high-cost areas, the maximum loan limit for mortgages acquired by Fannie Mae and Freddie Mac will be $765,600 Call me or PM Me with any questions!

https://finance.yahoo.com//1-u-30-mortgage-rates-190237522