Posts Tagged ‘2011 home sales San Diego’

FHA Annual Mortgage Insurance Premiums Reduced

Wednesday, January 11th, 2017

By Elvin J. Wesley, President and Broker of Ranch and Coast Mortgage Group

What a great way to start the week and 2017!!!

Monday morning HUD announced that it had achieved the balance of its statutory operational goals and as a result of that it requires a reduction of the Annual MIP charged. This exciting announcement from HUD yesterday morning that represents a 25 basis points improvement on most FHA Loans (not to interest rate, but to the Annual Mortgage Insurance Premium charged by HUD on FHA loans)

The Revised MIP schedule is effective for Endorsements of Mortgages with a Closing / Disbursement date on or after January 27, 2017. Closing / Disbursement date is defined as the later of the date of the signing of the Mortgage or the Disbursement of the Loan Proceeds as is entered in FHA Connection. Unlike changes in the past the change is effective based on the closing date and not the case number assignment date!
The Revisions applies to all FHA Title II Forward Programs excluding Mortgages insured under the National Housing Act section 247 (Hawaiian Homelands).

Here is a Summary of the changes

What does this mean in regards to $$…payment reduction when a buyer/borrower is purchasing a home?


Old – $550K base loan amount based on 0.85% MIP = $389.58 per month

NEW  – $550K base loan amount based on 0.60% MIP = $275.00 per month

That’s a $114.58 reduction in MIP payment, which means lower overall payment for buyers/borrowers and more BUYING power!


On November 23rd the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for Fannie Mae and Freddie Mac in 2017 will increase, which of cources has now taken place. This will be the first increase in the baseline loan limit since 2006.  In higher-cost areas, higher loan limits will be in effect as shown below.

This change has already taken place for FHA and VA loans limits as well.

2017 Conforming and High Balance Loan Limits-

SAN DIEGO NEW LIMITS $424,100 Conforming and $612,500 High Balance

LOS ANGELES NEW LIMITS $424,100 Conforming and $636,150 High Balance

ORANGE COUNTY NEW LIMITS $424,100 Conforming and $636,150 High Balance

*See attached spreadsheet for more counties and limits for 2-4 unit properties



Number of Units Maximum base conforming loan limits for properties NOT in Alaska, Hawaii, Guam & U.S. Virgin Islands Maximum base conforming loan limits for properties in Alaska, Hawaii, Guam & U.S. Virgin Islands
  2017 2016 2017 2016
1 $424,100 $417,000 $636,150 $625,500
2 $543,000 $533,850 $814,500 $800,775
3 $656,350 $645,300 $984,525 $967,950
4 $815,650 $801,950 $1,223,475 $1,202,925


High Balance/Super Conforming:


Number of Units Minimum/Maximum Original Loan Amount Properties in Alaska, Hawaii, Guam & U.S. Virgin Islands
  Minimum Maximum Minimum Maximum
1 >$424,100 $636,150 >$636,150 $954,225
2 >$543,000 $814,500 >$814,500 $1,221,750
3 >$656350 $984,525 >$984,525 $1,476,775
4 >$815,650 $1,223,475 >$1,223,475 $1,835,200


Please refer to the full County Loan Limits list attached or just contact Elvin Wesley at Ranch and Coast Mortgage

(CA DRE license: 01316249, NMLS: 234795):

c 760.580.1733

t 760.230.2042

f 760.487.1295

f 866.683.5399 toll free

RSS Feed

There’s No Place Like Home

Monday, July 13th, 2015

I hope everyone is having a great summer! I recently returned from a family trip to Europe (sorry for the lack of blogs this past month!), and it was absolutely wonderful. We have many memories to enjoy forever. Of course, coming home was also fantastic, and it made me realize that there truly is no place like home. I loved walking into my house – the furniture, the pictures on the walls, the many memories we have created here – yes, it is a building but it is our sanctuary and it is even more appreciated every time one returns. IMG_6224

Being a homeowner is great because you can truly make your home into the place you want to come home to – the place where you feel at ease and happy. If you are thinking about making some changes but don’t know what style you prefer, start looking through magazines or online at sites like Houzz – you will get some incredible ideas!

Here are some great ways you can spice up your home while expressing your own interests and desires.

Master bedroom: The bedroom is really a place where you want to feel relaxed and comfortable. I do not allow any exercise equipment or anything related to work (desks, computers, etc.) in my bedroom. It is a place where I go to unwind and to SLEEP!  My spouse and I have different opinions on the television – we do have one in the bedroom but I don’t care for it.

IMG_6156Decorating a bedroom is very personal, but can be done on any budget. Choose colors for your wall and bed that are restful. Pick window treatments that will let in lots of natural light, but can also keep the light out when it is time to sleep. If you are on a budget there are great stores like HomeGoods and Target where you can purchase bedding, knick knacks and art at discount prices, making your room look just as beautiful as some of the high-end decorated homes. Make a plan first – colors, art, etc., and then have fun!

I was inspired in Italy (as I always am) by the Tuscan art and decor – the mustards and browns with natural woods and art and light, and am always inspired by the Italian Riviera with it’s casual European beach elegance. One of those will be my next bedroom transformation!

Kitchen: The kitchen is the focal point of most homes – where family and friends gather and where you can get creative. It should be functional so that you can easily find cooking utensils and paraphanalia. If you have a small budget and can only remodel one part of your home, the kitchen is the best place to invest because the return on resale is highest. Other rooms in your home can be made to feel spruced up easily with paint, new fixtures and area rugs, but the kitchen is the best place to splurge.

If you cannot afford a kitchen remodel you can do wonders with paint and by refinishing cabinetry and adding new hardware. A pot rack is also easy to install and will keep you organized.

Family room: This is also a popular place to hang out and be together. Whether you like cozy, ultra modern or something in between, it is not too difficult to spice up your family room on any budget. If you cannot splurge on new couches look into slip covers – most of them are machine washable and easy to put on, and they will give your family room a new look. Throw pillows are also great and you can find great deals on them at many discount home stores. Paint is always cheap and can transform any room, and inexpensive pieces of art, candles and knick knacks are always easy to find.

The great thing about redecorating is that you can often use items you already have to make a big difference. Websites like Houzz can give you some great ideas – for example, using mason jars for lighting or flower arrangements, or even to store items on counter tops. If you have old tables or mirrors in your garage you can give them new life with some spray paint. Need art work? You can blow up favorite photos onto canvas and hang them as is or in frames – Costco has great prices. There are also many DIY sites on the internet that will give you great ideas for your home – from easy to difficult.

So do yourself a favor and remember that your home is your sanctuary – you should want to come home!


RSS Feed

San Diego Calendar of Events for January 2015

Monday, December 29th, 2014

Happy New Year to all!


RSS Feed

San Diego Home Sales for 2011

Friday, January 20th, 2012

The numbers are in! Below are the home sale statistics for San Diego in 2011. If you would like a .pdf copy of the entire chart, please email me at and I will be happy to send them to you. Thank you to title rep extraordinaire, Roxanne Kelemen with Advantage Title for this data.


RSS Feed