Lenders Beginning to Accept FHA and Conforming Loans; Struggling Homeowners Subject to Scam Artists

From our go-to mortgage broker Rob Clark:

A few lenders have started accepting the higher FHA and Conforming Plus loan amounts of $729,750.  I suspect all will have their systems updated and will allow for the higher loan amount within the next few weeks.

 Details for the bailout portion of the stimulus package still remain clouded.  Although the government had initially specified a date of March 4 there are still a number of unanswered questions that exist and all lenders are working through the “how to administer” details of the plan presently. “

 Rob also notes that “all of the government’s new programs to help struggling homeowners has created a rapidly growing industry of scam artists looking to ‘help’ distressed homeowners navigate the complexities of getting mortgage assistance.”

For more about these scam artists and for details on this week’s mortgage rates, click here.

Thanks for stopping by,

Michael