“Moving” In The Right Direction

With last week’s announcement by Wells to cut 700 mortgage jobs and Chase’s announcement to slash 22 mortgage products and 8,000 jobs, we just want to remind you that we are doing just the opposite. We have recently added two seasoned Loan Officers, Jim Hanrahan and Paula Greenberg, and an additional full time Loan Processor, Lisa Abassi, to serve you.

In addition, we have significantly increased the number of lenders and types of loan products (CHFA, VA, USDA, FHA, Jumbo and Conventional) to better serve you.

67% Believe Now is a “Good Time To Buy!”

This is an excerpt from a recent post from Dan Green:

Each month, Fannie Mae conducts a National Housing Survey. The agency speaks with 1,000 households nationwide about the state of the U.S. housing market. Survey results from December show consumers overwhelmingly bullish on the future of housing with 67% of those surveyed said now is “a good time to buy a home”. It’s easy to understand why respondents are optimistic. As compared to one year ago, home values in many U.S. cities are up ten percentage points or more versus last year, with some areas seeing growth of 20% or more.

The housing market’s recovery has been national news. Hard-hit cities during last decade’s downturn have led this decade’s rebound. Phoenix, Arizona and San Francisco, California are two notable markets in which single-family home values have climbed twenty-plus percent. Condos are faring even better.

A sampling of recent statistics demonstrates how much U.S. housing has improved.

  • Existing home supply is at just 5.1 months nationwide
  • New Home Sales are up 17% annually
  • Homebuilder confidence is at a 7-year high

FHA lowers 2014 Loan Limits for Fairfield County


HUD just announced that it will implement new FHA single-family loan limits on Jan. 1, 2014. For Fairfield County, the maximum amount you can borrow for an Owner Occupied property will go from $708,750 down to $601,450.

1 Unit                2 Units               3 Units               4 Units
$601,450           $769,950           $930,700           $1,156,650

Despite these lower limits, FHA still represents a great way for those borrowers with small down payments or less than perfect credit to buy a home, and FHA rates are still very low!