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#601018 - 08/17/06 04:29 PM Mortgage $ limits
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
We have a customer wanting a $600,000 residential mortg. (100%) of home and would like to secure it with 2 other pd off mortgages totaling $800,000. My mortgage loan officer seems to remember somewhere we can only do a certain amt of $ on mortgages. If this the case, I am thinking as long as it is within our legal lending limit we are okay. However, he has been here way longer than me. Where can I find if there is such an animal for mortgage limits. (we do not have any listed in our credit policy)

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Lending Compliance
#601019 - 08/17/06 04:41 PM Re: Mortgage $ limits
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,849
Bloomington, IN
You should be fine as long as it's within your lending limits unless you have a state limitation; the other limitation you have would be the maximum loan limitation for selling to Fannie/Freddie, I believe it's currently $417,300, but I'm not positive(we never get close to the maximum so I don't have it committed to memory). If you book this loan then you should plan on it being maintained as an in-house loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#601020 - 08/17/06 05:50 PM Re: Mortgage $ limits
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
Thank you for your response. I reallllly appreciate it.

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