Mortgage & Foreclosure

Home loans 90 days past due or in foreclosure:

                                       Subprime loans   

Florida 3Q 2007                                   Florida 4Q 2007      

     3.52%                                                                    5.19%
   12.20%                                                                 17.50%

 

  Nation 3Q 2007                                   Nation 4Q 2007
       2.95%                                                                   3.62%
      11.38%                                                                14.44%

NEW MORTGAGE LIMITS

 

The Federal Housing Administration has raised the maximum loan amount it and government-sponsored mortgage giants Freddie Mac and Fannie Mae will guarantee.

In Miami-Dade and Broward counties, the limit was raised from $417,000 to $423,750, which could bring lower interest rates to some borrowers in select high-cost markets.

Previously, loans exceeding $417,000, called jumbo loans, were subject to an interest rate of roughly .25 percentage points higher than loans for less. That gap has grown in recent months almost 1 percentage point.

The new limit means monthly payments on a 30-year, fixed-rate loan for $423,750 will drop from roughly $2,819 to $2,540, for annual savings of roughly $3,343

SOURCE: Mortgage Bankers Association.

For professional advise on all aspects of buying or selling Real Estate, please contact me Richard Recuset at-786-287-9272 -email: RecusetRealEstate@Gmail.com

The Recuset Group

“The purpose of life is a life of purpose”