Friday, May 9:
Second Friday Gallery Hop - This is an evening on the town that celebrates the arts and entertainment in Historic Downtown Longmont. Business offer live entertainment, art openings, theatre, comedy acts, film showcases, poetry reading and more. In addition to arts. entertainment, and food, this is a great time to explore the many shops and restaurants with family and friends.
Time and Place 6:00 to 9:00pm; Downtown Longmont
Info: (303) 651-2787
Saturday, May 10:
MS Multiple Sclerosis Walk
This 1 day walk - 3 mile loop is to raise awareness and funds to create a world free of MS. This is a free event. Join the movement - register or volunteer today!
Time and Place: 8:30am - Roger's Grove Park
Info: (970) 482-5016 or 1-800-344-4867
Saturday, May 10:
Longmont Symphony Orchestra "POPS" La Fiesta Mexicana
Mariachi Vasquez Dinorah, Soprano
Time and Place: 7:30pm; Vance Brand Auditorium
Info: (303) 772-5796
Sunday, May 10:
Historic Hoverhome - Mother's Day Tea - Reservations are required
1309 Hover Street -The St. Vrain Historical Society, Inc. assuring a future for our community's past.
Time and Place: 12:00pm; Hoverhome
Info: (303) 776-1870-Hover Home - (303) 772-3121-Old Mill Park
Federal Reserve Chairman Ben Bernanke Wednesday delivered an economic forecast which indicates lowering interest rates further next month. Investors are expecting a possible total 1% rate cut through the rest of the year.
Bernanke acknowledged "Stagflation" - both a stagnant economy and inflation. Weak growth and rising prices are unusual when they happen at the same time.
Long term rates (Mortgages) typically go up when there is inflation. But they typically go down when the economy is weak. The result is current volatility and interest rate swings.
A recent survey showed half of surveyed economists think the U.S. is either already in a recession or will be this year.
Mr. Bernanke also talked about rules the Fed wants to implement regarding mortgages - including measuring the homeowner's ability to re-pay and requiring lenders to escrow taxes and insurance.
Click here if you would like to learn more About Me or visit My Website. If you are not sure why it is advantageous to own a home, here is a great article to read: 5 Myths of Homeownership.
Chris Hirai | Wells Fargo Home Mortgage
Update On The Economic Stimulus Package
The Economic Stimulus Package was signed into law on Feb. 13. In addition to several other benefits for consumers, it provides temporary loan limit increases for some high-cost areas for Fannie Mae and Freddie Mac loans and potentially all areas for FHA loans.
New Loan Limits
HUD has yet to determine the higher loan limits. The new loan limits will be based on the median area sales prices. But, we do not know what timeframe will be considered - it could be published prices from the third quarter of 2007, fourth quarter of 2007, or the entire 2007 sales year. HUD has 30 days from the day the President signed the package into law to identify the impacted MSAs - meaning sometime in mid-March. The timeframe used by HUD to determine the higher loan limits is key to these new limits. Expect the impacted areas to be announced in mid-March and remain in effect until Dec. 31.
Underwriting Guidelines
Fannie Mae and Freddie Mac guidelines will probably will fall between our current conforming and nonconforming guidelines. Expect guidelines tighter than conventional and more loose than Jumbo. Also we may have to manually underwrite - and not be able to use Automated findings. FHA should be about the same.
Conventional and FHA Rates
Pricing for the new loan amounts is yet to be determined by Fannie Mae, Freddie Mac and secondary markets. However, we believe loans with higher limits will cost more.So expect higher rates than conforming, but lower than Jumbo. Wall Street has indicated these transactions will trade like nonconforming loans. We also anticipate a higher cost for expanded FHA loan limits.
Chris Hirai | Sales Manager | Wells Fargo Home Mortgage
My Website | Chris.Hirai@WellsFargo.com
720-771-7010 (Cell) | 303-772-2222 (Office) | 866-359-5321 (Fax)
Raising Loan Limits
The plan also offers help for the mortgage crisis. It lifts the limit on the Federal Housing Administration loans (FHA) to approximately $725,000. The previous limit had been $362,000 for FHA and $417,000 for Fannie Mae and Freddie Mac.
According to reports the Finance Committee will soon release the details. Loan limits to be set based on local housing markets. So we could see Conforming lending limits go up from $417k to $725k.
Stay tuned! ~ Chris
Chris Hirai | Wells Fargo Home Mortgage | http://www.chrishirai.com/ | chris.hirai@wellsfargo.com
Click here if you would like to learn more About Me or visit My Website. If you are not sure why it is advantageous to own a home, here is a great article to read: 5 Myths of Homeownership.
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