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When will Lender's Begin Lending at the New Loan Limits?



We've all heard the stimulus packet has been signed and the loan limit for high cost areas (like the SF Bay Area) will go up, but the question is when? So I asked a mortgage broker friend of mine what's going to happen now. Her response was when three conditions are met... I quipped back before she could finish:

A. When hell freezes over.
B. When ice is served in hell.
C. When ice cream doesn't melt in hell.

Her response after she stopped laughing told me: the sequence goes like this, now that President Obama has signed the bill into law, "three things MUST happen before" XYZ lender can accept applications with higher loan amounts:

1. The Agencies (Fannie Mae and Freddie Mac) and FHA must determine whether pricing, policy and/or delivery requirements will be changed. (See photo above)

2. The Agencies and FHA must communicate their requirements to mortgage lenders. (See photo above)

3. XYZ Lender must identify impacts caused by the Agencies’ and FHA’s requirements and implement the changes. (See photo above)

So we'll all be waiting and please pass the ice when you get a chance...(Posted Feb. 26, 2009)

Michael Ackerman - Oliver Burgelman - Rosana Vantuyl
Zephyr Real Estate4040 24th Street - Noe Valley Office
San Francisco, CA 94114
415-695-2715

ABZ@ZephyrSF.com
http://www.zephyr-realestate.com/

I thank the provider of the image by posting a link to the source below:
http://www.funnyhub.com/pictures/img/hell-freezes-over.jpg
Posted Thursday Feb 26