The Informed Professional
Mortgage Guide
July 2011 Edition
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Greetings!
We've got some important and exciting announcements for you this month. Please take a minute to review important loan amount changes below, as well as the introduction to Financial Accounting Services/ Short Sale Tax Pro .
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Expiration of Temporary Loan Limits for Conventional, FHA and VA Loans
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 In accordance with the Housing and Economic Recovery Act of 2008, the "Temporary" high-balance loan limits are set to expire on September 30, 2011. Mountain West Financial (MWF) will be instituting the following funding cut off dates for Conventional, FHA and VA Maximum Loan Limits.
Effective for notes drawn after 9/30/11, the new Riverside County loan limit for conventional loans will be $417,000. The Riverside County loan limit for FHA & VA loans will be $355,350.
Conventional Temporary Loan Limits The 2008 "Temporary" loan limits under the Economic Stimulus Act of 2008 with a maximum of $729,250 will expire with note dates on or before September 30, 2011. MWF will require that conventional loans under the current high cost limits to fund by September 23, 2011. FHA and VA Temporary Loan Limits The Federal Housing Administration (FHA) 2011 maximum loan limits and the Veterans Administration (VA) annual high-cost county loan limits are ending. FHA loan limits will revert back to loan limits determined under the Housing and Economic Recovery Act (HERA) for loans by FHA on or after October 1, 2011. MWF will require that FHA and VA loans under the current high cost limits to fund by August 31, 2011. |
Brett Accepts Position at Short Sale Tax Pro, a Division of Financial Accounting Services
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 Financial Accounting Services , a comprehensive accounting firm based out of Temecula, CA, has announced the official hiring of Brett L. Chappell as their new Business Development Director for the short sale tax division of the company. Mr. Chappell's role in the company is to raise awareness about the firm's real estate tax expertise, as well as to assist RealtorsŪ by providing guidance and consultations for their clients. "I'm very honored to have been selected for this new position," says Mr. Chappell, "and I look forward to helping educate RealtorsŪ and homeowners alike about the importance of seeking proper tax guidance prior to making the decision to short sale or foreclose." The short sale tax division of FAS (shortsaletaxpro.com) offers home owners free consultations so they can learn more about their specific tax liabilities should they decide a short sale is in their best interest. Brett is still originating loans with Mountain West Financial and looks forward to assisting you and your clients with your continuing mortgage needs. Please contact him with any questions about this new role or client loan scenarios at 951-316-1315 or brett@brettchappell.com. |
