Lots of thing are happening on the loan front regarding program changes, expansions and even some life in the Jumbo sector. Here is a recap of some of them from our in-house lenders with Wells Fargo Morgage:

  • Rates have been stable despite the government trying to push them down (the mechanism being used is taxpayer money which needs to be financed by US Treasury Bill sales).  Those sales have caused the yields on those instruments to stay stable and thus rates have stayed stable.
  • Wells has come out with Jumbo money that is available with 20% down up to $1.5M loan amounts.
  • Freddie and Fannie have finally released their parameters for the $729,750 jumbo conforming limits.
  • Wells has done away with appraiser identified 5% reduction on all conforming and jumbo conforming loans.
  • Buyers can now get a 10% down conventional conforming loan vs. having to go FHA.
  • The Home Owner Assistance Program (HARP), which is Obama’s program that allows people with 105% LTVs to refinance is now in place.  Private Mortgage Advisors will be able to deliver that product in the next week or so.
  • Wells Fargo has made some changes to it’s comp plan and as a result we will be forced to price some loans .25% higher so if you have been waiting to refi or buy do so soon.