The conforming loan limit will jump nearly 16% in 2006, to $417,000.The $57,350 increase from $359,650 is one of the largest on record, and will allow as many as a half-a-million more borrowers to lock onto rates that are 25-50 basis points lower than those offered in the jumbo sector. The higher limit isn't likely to create many new buyers because those who can afford houses in the $360,000-$417,000 price range probably would have proceeded whether their loans were any less expensive or not, according to economists at the Mortgage Bankers Association. But their savings could be substantial, according to Freddie Mac's estimates -- up to $24,700 over the life of a 30-year fixed mortgage at current rates. The increase is based on the national average purchase price of one-family dwellings from one October to the next as calculated by the Federal Housing Finance Board. In October 2004, the average was $264,540. But 12 months later, it was up 15.96%, to $306,759. The limit on two-to-four-family mortgages will also jump in 2006 by a corresponding 15.96%: to $533,850 for a two-unit structure, $645,300 for a three-unit building, and $801,950 for a four-plex. For second mortgages, the ceiling will be $208,500. And in Guam, Alaska, Hawaii, and the Virgin Islands, all the ceilings will be 50% higher.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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