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Hot Topics of the Month
Maximum Conforming Loan Limits Are Being Reduced!
First the homebuyers tax credits were taken away and now, if Congress does not act soon, the loan limits which are currently $697,500 in the San Diego area will go back to the old level of $546,250. What does this mean?
The big issues are that if you want to take advantage of the conventional rates you have to close your transaction by September 30, 2011. With today’s lending issues you want to allow 45 days for entering your contract to close and be safe.
The ballpark rule of thumb right now is a spread of about 3/8 of a point from conventional rates to jumbo rates. My calculations on the $151,250 reduction is about $12,500 over 30 years but do check my math if I am off a bunch please email me with your findings. But $12,500 is nothing to sneeze at since it could be going to you other retirement vehicles. Copy and paste the link for the whole scoop form the Government.
http://www.fhfa.gov/webfiles/15180/CLL_November_Release_11_12_09.pdf
New Law Regarding Carbon Monoxide Detectors
Home Inspectors will start checking for CO detectors after passage of new Disclosure Laws.
Details of SB 183 ….Starting July 1st, 2011, This bill requires that a carbon monoxide device be installed in existing dwellings intended for human occupancy that have a fossil fuel (gas or wood) burning appliance, fireplace, and/or an attached garage, provides that the exclusive remedy for failure to install a device is actual damages not to exceed $100, exclusive of any court costs and attorney’s fees, revises the statutory Real Estate Transfer Disclosure Statement to require the seller of a one-to-four residential property or manufactured home to make certain disclosures regarding carbon monoxide devices, smoke detectors, and water heaters, and requires the owner of a rental dwelling unit to maintain carbon monoxide devices in the unit. Copy and paste the link for the whole scoop.
http://sdinspections.com/new-law-regarding-carbon-monoxide-detectors
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*All information above might be reliable but do your own research and do not bet the farm on mine!
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