Comments on: Still confused about Conforming Loan Limits? http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/ Real Estate, Insight, Statistics, Gossip, & News...With a Twist and Some Flavor Mon, 21 May 2012 00:11:30 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: orlando fl remax http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4323 orlando fl remax Wed, 27 Feb 2008 18:12:17 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4323 I'm not so sure it's good doesn't it just perpetuate and validate the over valued homes in California especially. I’m not so sure it’s good doesn’t it just perpetuate and validate the over valued homes in California especially.

]]> By: Ormond Beach Condo http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4322 Ormond Beach Condo Tue, 26 Feb 2008 16:52:26 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4322 Great clarification and I better understand what the coming months will bring. Great clarification and I better understand what the coming months will bring.

]]> By: p28 http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4326 p28 Sun, 24 Feb 2008 09:59:46 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4326 thx everyone for the insightful info!!! thx everyone for the insightful info!!!

]]> By: ResortatSquawCreek http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4328 ResortatSquawCreek Sun, 24 Feb 2008 05:05:17 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4328 Nice James! 6 feet? I think we got 2-3 ft tonight! Maybe I need to upgrade the weather forecast! Gonna be exciting when I wake up tomorrow! How much better does it get leaving soaking SF, to come up to 3 feet+ of powder? :) Back to the topic, would be interesting to see if there's delayed demand till this law takes effect. Nice James! 6 feet? I think we got 2-3 ft tonight! Maybe I need to upgrade the weather forecast! Gonna be exciting when I wake up tomorrow!

How much better does it get leaving soaking SF, to come up to 3 feet+ of powder? :)

Back to the topic, would be interesting to see if there’s delayed demand till this law takes effect.

]]> By: james http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4327 james Sun, 24 Feb 2008 01:25:31 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4327 yo rsc, the freshies are already here. been up at sierra tahoe all week. we had 3 feet of them today. expecting 6 feet for tomorrow. lovin it!!! yo rsc,

the freshies are already here. been up at sierra tahoe all week. we had 3 feet of them today. expecting 6 feet for tomorrow.

lovin it!!!

]]> By: ResortatSquawCreek http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4325 ResortatSquawCreek Sat, 23 Feb 2008 16:01:25 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4325 Nice clarification Alex. Kelly you are spot on. There are different loan classifications, and therefore terms and rates btwn investment prop, owner occupied, and vacation rental loans. What you want to do is lock in an Owner Occupied loan, which has the best terms. You can live in your place for 1 month and occupy, then rent out immediately. Or, if you plan to owner occupy an investment property in 2 months for example, you can also qualify for the owner occupy loan by just writing a letter stating you will be moving in etc. Taking out an investment property loan can cost 50-100bps more on the rate, so the best bet to build your empire is to just buy, live, and rent out and repeat. Stay dry everyone! The big storm is gonna hit Squaw and SF tonight and tomorrow! Powder days are here again. RSC Nice clarification Alex. Kelly you are spot on.

There are different loan classifications, and therefore terms and rates btwn investment prop, owner occupied, and vacation rental loans. What you want to do is lock in an Owner Occupied loan, which has the best terms.

You can live in your place for 1 month and occupy, then rent out immediately. Or, if you plan to owner occupy an investment property in 2 months for example, you can also qualify for the owner occupy loan by just writing a letter stating you will be moving in etc.

Taking out an investment property loan can cost 50-100bps more on the rate, so the best bet to build your empire is to just buy, live, and rent out and repeat.

Stay dry everyone! The big storm is gonna hit Squaw and SF tonight and tomorrow! Powder days are here again.

RSC

]]> By: Kelly http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4324 Kelly Sat, 23 Feb 2008 14:55:30 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4324 the house you live in is the primary residence (owner occupied) the house you would be leaving would be the investment propety the house you live in is the primary residence (owner occupied) the house you would be leaving would be the investment propety

]]> By: p28 http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4331 p28 Sat, 23 Feb 2008 10:27:38 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4331 4. The property must be single-family and owner occupied, which means that 2nd homes, investment properties and multi-unit properties are ineligible What if i want to buy a larger home to live in, and rent out my first house? Is that still considered a "2nd home" or "investment property?" 4. The property must be single-family and owner occupied, which means that 2nd homes, investment properties and multi-unit properties are ineligible

What if i want to buy a larger home to live in, and rent out my first house? Is that still considered a “2nd home” or “investment property?”

]]> By: NotSoPrimeProperty http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4330 NotSoPrimeProperty Fri, 22 Feb 2008 22:19:19 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4330 Um, thanks for the "well reasoned" arguments to justify your position: "1. It does in fact greatly stimulate the economy" Um, thanks for the “well reasoned” arguments to justify your position:

“1. It does in fact greatly stimulate the economy”

]]> By: kenny http://thefrontsteps.com/2008/02/22/still-confused-about-conforming-loan-limits/comment-page-1/#comment-4329 kenny Fri, 22 Feb 2008 19:10:31 +0000 http://thefrontsteps.wordpress.com/?p=1362#comment-4329 Wow. So no multi units? ouch. The old conforming limits contained that. Back to the ole drawing board. Wow. So no multi units? ouch. The old conforming limits contained that. Back to the ole drawing board.

]]>