A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.

Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on "typical" housing costs nationwide.

Loans in excess of this amount are typically called "jumbo".

While home prices increased from 1980 to 2006, so did conforming loan limits. Since then, however, as home prices have dipped, the conforming loan limit has held.

Now, in 2010, for the 5th consecutive year, the government set $417,000 as the nation's conforming mortgage loan limit.

The 2010 conforming loan limits, as released by the government, are:

• 1-unit properties : $417,000
• 2-unit properties : $533,850
• 3-unit properties : $645,300
• 4-unit properties : $801,950

But conforming loan limits don't apply to all U.S. geographies equally. As a result of various economic stimuli since 2008, the government now considers certain regions around the country "high-cost" areas. In these areas, conforming loan limits can range to $729,750.

There are less than 200 such areas nationwide. The complete list is published on the Fannie Mae website.

Matthew Chap 18
24 And when he had begun to reckon, one was brought unto him, which owed him ten thousand talents. 25 But forasmuch as he had not to pay, his lord commanded him to be sold, and his wife, and children, and all that he had, and payment to be made. 26 The servant therefore fell down, and worshipped him, saying, Lord, have patience with me, and I will pay thee all. 27 Then the lord of that servant was moved with compassion, and loosed him, and forgave him the debt. 28 But the same servant went out, and found one of his fellowservants, which owed him an hundred pence: and he laid hands on him, and took him by the throat, saying, Pay me that thou owest. 29 And his fellowservant fell down at his feet, and besought him, saying, Have patience with me, and I will pay thee all. 30 And he would not: but went and cast him into prison, till he should pay the debt. 31 So when his fellowservants saw what was done, they were very sorry, and came and told unto their lord all that was done. 32 Then his lord, after that he had called him, said unto him, O thou wicked servant, I forgave thee all that debt, because thou desiredst me: 33 Shouldest not thou also have had compassion on thy fellow servant, even as I had pity on thee? 34 And his lord was wroth, and delivered him to the tormentors, till he should pay all that was due unto him. 35 So likewise shall my heavenly Father do also unto you, if ye from your hearts forgive not every one his brother their trespasses.

I had a friend who tried everything to keep his house and did everything that was asked to keep his house for months and then the they sold the paper to another lender and was told he would have to start the process again and 3/4 of the way through it the 2nd lenders employee quit. Therefore nothing was done for months this whole time my friend is trying to hang on but to no end the house was foreclosed and all the effort was gone.

It's funny that the lenders merely ask and they get loads of money. If this was thought out better they could have made better use of this money but our government doesn’t seem to do this.

1. Paid the American people's mortgage payments and then in turn the Banks would have still got the funds needed to maintain a working capitol

2. Made the payment paid to banks conditional on working out the past due mortgage paper with their customers

The banks remind me so much of the wicked servant they beg congress to show mercy and not sell off their company. If they would have went under some other bank would have bought that paper for 60% on the dollar and would have been more likely to work out programs for the mortgage customer.

But the government showed mercy and more than forgave debt yet when the little guy(home owner) needs help its dragged on for months at a time with no result.

To top that all off there are companies preying on people making empty promises of Mortgage loan modifications although there are some that really try to help most are paying bonuses to mortgage and real estate professionals to get the business and the average person is still just a Number.

Other related Propblems with the bail out

Banks That Got $188 Billion in Bailout Money This Year Paid Out $1.6 Billion to Top Execs Last Year

New TARP revelations: AIG bailout mishandled, shaky banks got loans too

List of Bailed out banks Is your bank on the List

In today's Real Estate Market it's often hard to know what works and what doesn't and of coarse good marketing has to be backed up my a great Real Estate agent. An agent can have the best marketing plan around but if they can't over come objections and at least present themselves as a knowledgeable avatar. Then they might close some business but never will they get to that next level.

REMAX Properties Unlimited

Is always thinking outside the box and accessing what we can do as a whole to draw in Traffic for our Listing clients. We meet on a regular basis and brainstorm on what we can do as a company to bring in business and we work together to make that happen.

One thing we noticed was that around 3-4pm everyday there was 1,000's of cars coming in and out of HONDA Manufacturing of Alabama. Our question was how do we draw in some of that business with out the typical gaudy real estate signs. This is what we came up with.

DRIVE THRU LISTING's

" 85% of buyers find there property on the internet what about the other 15%"

"I will market your property to everybody including those who still don't have an iphone" LOL

This marketing plan has brought several buyers to our door steps and it provides information about ours listings on the off hours such as weekends and nights. I don't know how many times I've heard "I have a couple of questions about the House on your Board"




Left Side: Lake Property
Center : Residential
Right Side: Commercial

Our office is located at the corner of Hwy 78 and Honda Dr (cty207) and we get a tremendous amount of walk in traffic. If you are in the market to sale your property and you need the maximum amount of exposure available give me a call Barry Lynn Miller and lets discuss all of my marketing strategies to help sale your property in a timely manner.

Mortgage markets improved last week as foreign buyers of mortgage debt helped to push mortgage rates to a 4-week low.

It marked the 3rd consecutive week that rates improved, breathing extra life into this year's ongoing Refi Boom.

Fixed-rate, conforming mortgage rates fell about 0.125 percent on the week. ARMs did about the same.

There wasn't much data to move mortgage rates last week; investors worked mostly on momentum and trends. However, the Friday University of Michigan Consumer Sentiment survey release garnered some attention.

After worsening in August and September, consumer sentiment fell for the third straight month in October. Analysts worry about what it could mean to the economy. Holiday Shopping season is here and consumer spending fuels the economy. If households hold the purse strings tight, our nation's budding economic recovery may stall.

In a scenario like that, employment rates won't rebound so fast, but rate shoppers might not mind. Slower-than-expected economic growth tends to suppress mortgage rates, helping to improve home affordability overall.

This week, data comes back into focus.

At 8:30 AM ET today, the government will release October's Retail Sales report. This one should be closely watched for its ability to change rates. A weak report should drag rates down, and a strong one should push rates up.

Then, on Tuesday and Wednesday, look for PPI and CPI -- two key inflation indices. Inflation causes mortgage rates to rise so if either of these reports comes in hotter-than-expected, rates will almost certainly rise.

And, lastly, also on Wednesday, we'll get the Housing Starts report for October. Don't expect the markets to move on this one, but keep an eye on the data anyway. Housing markets remain crucial to economic recovery.

Despite rates hovering near recent lows, remember that markets change quickly. A rate quote from the morning is rarely valid by the afternoon and, when rates rise, rates rise fast. REPOST

Barry Lynn Miller
RE/MAX Properties Unlimited

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