Monday, November 05, 2007- Local lender First Call Mortgage Company this month launched its “Home Owner Protection Campaign” to help the thousands of local residents saddled with high-risk adjustable-rate mortgages.
First Call Mortgage, with a branch office located in downtown Portsmouth, has already helped many New Hampshire home owners escape high-risk mortgages before their rate adjusts and monthly payment skyrockets.
“First Call has always believed that our clients deserve stable and low-risk solutions for their home loan needs. The sub-prime, adjustable-rate mortgages that have caused so many problems lately have always been a last resort here at First Call. We believe strongly that helping our clients attain stable and secure financial footing is good not only for them and their families, but for the greater community as well.”Said David Keslar, Branch Manager for First Call Mortgage Company
First Call’s “Home Owner Protection Campaign” recognizes that fallout from risky home loans will continue to be a problem facing countless local home owners. The Federal Reserve Bank estimates that the interest rate on another 2.2 million mortgages nationwide will adjust over the next 18 months.
“We are excited to help home owners stay in their homes that they have worked so hard to obtain” said Keslar, “We are providing free mortgage reviews for home owners who want to make sure they have the right home loan. We’re also helping home owners learn more about proven fixed-rate home loans like FHA products offered by the Federal Housing Administration, which is becoming a popular solution to subprime mortgage problems” said Keslar.
For a free in home review of your current mortgage, please call 603-766-4940 and ask to speak to a mortgage specialist.
First Call Mortgage Company is a full-service mortgage company with experienced professionals, competitive rates and numerous programs to suit any borrower’s needs. First Call’s specialty is to not only find the most appropriate mortgage program for their needs, but to provide exceptional service by educating customers about what to expect from every step of the loan process.
For more information contact First Call Mortgage at (603) 766-4940 or visit First Call on-line at www.ftmc.net.
Licensed by the New Hampshire Banking Department, MA license MC3198,
Washington, DC - Office of Federal Housing Enterprise Oversight Director James B. Lockhart today announced the maximum 2008 conforming loan limit for single-family mortgages purchased by Fannie Mae and Freddie Mac (the Enterprises) will remain at the 2007 level of $417,000 for one-unit properties for most of the U.S. Higher limits apply to Alaska, Hawaii, Guam and the U.S. Virgin Islands as well as to properties with more than one unit. The conforming loan limit determines the maximum size of a mortgage that an Enterprise can buy or guarantee. By law the maximum conforming loan limit is based on the October-to-October change in the average house price in the Monthly Interest Rate Survey (MIRS) of the Federal Housing Finance Board (FHFB). The FHFB reported the decline in the average price was $10,685 or 3.49 percent, from $306,258 in October 2006 to $295,573 in October 2007. The combined two-year decline is now 3.65 percent.
“While the house price survey data used in determining the conforming loan limit show a decline over the past year, as previously announced and consistent with the proposed new conforming loan limit guidance, the level will remain at $417,000 for the third straight year,” said Lockhart.
On October 22, 2007 OFHEO published in the Federal Register a revised Examination Guidance proposal for procedures relating to the calculation of the conforming loan limit and implementation of increases or decreases in the limit. OFHEO published the initial proposal for comment on June 20, 2007. The second comment period has now closed and OFHEO is reviewing comments received. At the time of the October publication, OFHEO announced that no decreases in the loan limit would be required for 2008, regardless of the price data in the MIRS report.
OFHEO assumed responsibility for establishing the conforming loan limit with a February 2004 guidance . The conforming loan limit is based on the FHFB monthly survey and not OFHEO’s quarterly House Price Index (HPI), which will be released for the third quarter on November 29.
Licensed by the New Hampshire Banking Department
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