Rates today are mixed; improved on 30 yr fixed

Good Morning,

Treasury prices are mixed today on a surprise drop in industrial production. The Federal Reserve reported that industrial production unexpectedly fell 0.5 percent in October, marking the measure's biggest drop in nine months. Rates today are mixed; improved on 30 yr fixed.

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VA Loan amounts Increase - Nov 19th

Below is a preview of the program:

 

Ginnie Mae recently announced that it would no longer limit loan amounts to the one-unit conforming loan limits on mortgages guaranteed by the Department of Veterans Affairs (VA). Current limits are $417,000 ($625,500 in Alaska and Hawaii).

 To support this initiative, Wells Fargo Home Mortgage will allow VA loans up to $700,000. Exceptions for higher loan amounts (up to $1.5 million) will be considered on a case-by-case basis.

 The following details apply to all loans submitted for amounts greater than the one-unit conforming loan limits:

·     Only with 30-year fixed-rate mortgages (purchase or refinance) are allowed.

·     A price adjuster will apply because of the delivery requirements for nonconforming loan amounts.

·     The borrower’s cash down payment plus the guaranty must be greater than or equal to 25% of the purchase price, or Notice of Value, whichever is less. 

·     Must be submitted with the VA Maximum Loan Amount Worksheet (attached) to ensure that all requirements are met.

·     May not be combined with secondary financing.

 

Note: The veteran’s maximum guaranty amount is not changing.

Additional info is available on the VA website: http://www.homeloans.va.gov/ls.htm

 

 

Scott L. Alfstad

Account Executive

Wells Fargo Wholesale Lending

1401 Willow Pass Road, 3rd Floor

Concord, CA 94520

Cell: 916-276-3232

Scott.L.Alfstad@wellsfargo.com

 

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