Here’s the latest on what’s happening in the Loan arena from one of my trusted lenders, Narbik Karamian of BeneGroup, Inc. His contact information is located at the end if you’d like to speak with him about your needs.

“Hi Liz,

Hope all is well. I wanted to keep you up to date on some of the big changes in the lending industry.

  • Super jumbo loans are back. These are loans up to $2 million dollars. The rates aren’t that bad either. The 30 year fix fluctuates around 6% while the 3 and 5 year fix is in the high 4%. These loans became available in mid April, 2010.
  • Fannie Mae is offering a new program called Fannie Mae HomePath mortgage lending. This allows the purchase of any REO owned by Fannie Mae without having to order an appraisal, 3.5% down payment, and despite such a small down payment the exemption from PMI (private mortgage insurance). This is an attempt for Fannie Mae to create incentives to sell its REOs. This program is available for first time home buyers and investor purchases.
  • Effective yesterday, home purchases can be financed under non FHA lending guidelines with only 5% down payment for loans up to $417,000 and 10% down payment for loans up to $729,750. The down payment required not too long ago was between 15% and 20%. This will now allow home buyers avoid having to pay a very high PMI premium of 2.25% (nowadays) through FHA financing. We can finance them under regular conventional programs with a larger selection of programs.
  • And last, one of my favorites for your high net worth clients, a program that can help them pay off their mortgages much faster than the regular fixed loans. This is a program that is very common overseas and has become available in the U.S.

As the financial sector seems to be stabilizing, I am noticing many new financing options become available. I hope you can utilize some these changes towards helping more of your clients with their home purchases. Let me know if you have any detailed questions.

As a tier one broker with the large lending institutions, I will be more than happy to use my status and experience to always help deliver a smooth close of escrow.

Best Regards,

Narbik Karamian
BeneGroup, Inc.
A Premier Mortgage Consulting and Brokerage Firm
Cell: (408) 315-2834 Fax: (408) 395-7561
DRE# 01372576
Director- California Association of Mortgage Professionals (CAMP), Silicon Valley Chapter”