Great News! 

New Federal Conforming Loan Limit for Summit County… 

$729,750 

Effective April 1, 2008 through December 31, 2008… 

Jumbo Loans are getting harder and harder to do these days with the limited liquidity and more stringent guidelines for lenders. Stated Income loans are just about gone. Credit requirements continue to go up. This is a chance to get into the home you want at the best rates possible.  This can save buyers/borrowers $$ Thousands $$ of dollars per year.  

The new conforming loans are available for:   

• Stated Income to 90% LTV
• 100% financing to $729,750
• Limited review appraisals
• Rates as low as 5.50%
• Lower Credit Requirements
• Higher Qualifying Ratios allowed
• Automated Underwriting and Faster Approvals!
            

Karen Scott
Senior Loan Officer/CPA

1755 Prospector Avenue, Suite 201
Park City, UT  84060
(Cell) 435-901-1026
(Toll free) 877-420-2999
(Office) 435-649-2999
(Fax) 435-649-2919
karen@crescentmtg.com

  

Visit Park City Utah Real Estate to search all listings for sale from all local brokerages.

I would like to introduce you to a great Park City Utah Mortgage Lender, Karen Scott at Crescent Mortgage.  She will periodically write informative blog posts here on my Park City Real Estate Blog regarding Mortgage Information.  I have had the opportunity to work with Karen on several mortgages and really enjoy working with her.  She truly looks out for my buyer client’s best interests first. 

I always recommend with my buyer clients who are planning to purchase real estate in the Park City area to get pre-qualified for a mortgage.  It can make you look so much more attractive when submitting an offer which in turn can help you in negotiating for the best possible price.  Contact Karen at 435-649-2999 or email Karen at karen@crescentmtg.com  so she can help pre-qualify you for a mortgage Today.

President Bush is expected to sign the highly anticipated stimulus package.  The plan now includes rebate checks for 100 million Americans and will also raise conforming loan limits in some areas for Freddie Mac, Fannie Mae, and FHA loans.
Several things must occur before applications with the higher loan amounts can be accepted by any lender:

1. The internal impacts to Freddie, Fannie and FHA must be assessed to determine the delivery approach to mortgage lenders.
   
2. Freddie, Fannie and FHA must communicate their requirements to mortgage lenders.
   

HUD has 30 days from the final passage of the legislation to provide their official loan limits for all areas. 
Please note that the increases are a temporary solution for some high-cost areas.  The higher loan limits will not be immediately available.  Loan limits may be as high as $729,750; however, this amount will not be a nationwide loan limit.  Increases will be made based on the median area sales prices.
Specifically for Park City, we may be grouped with the Salt Lake Metropolitan Statistical Area (MSA).  If that is the case, the increase in our loan limits will be much lower than the maximum $729,750.  If HUD uses the MSA for coming up with the median area sales prices, our adjusted conforming loan limits may be $477,355.  This is an increase from our current $417,000 conforming loan limit.
Remember nothing you hear (right now) is official! The official loan limits will not be delivered by HUD until 30 days after the passage of the legislation.
If you have any questions, please contact me.

Karen Scott
Senior Loan Officer/CPA

1755 Prospector Avenue, Suite 201
Park City, UT  84060
(Cell) 435-901-1026
(Toll free) 877-420-2999
(Office) 435-649-2999
(Fax) 435-649-2919
karen@crescentmtg.com

Karen Scott is an Expert Local Park City Utah Mortgage Lender.  Karen can help pre-qualify you for a loan today.