Archive for October 17th, 2008

17
Oct

Albuquerque Balloon Fiesta 2008

   Posted by: admin    in Albuquerque To Do List

Say goodbye to all those beautiful balloons until next year!  It was a somewhat dreary end to the fiesta this year as the last weekend flights were cancelled due to weather.  Friday night’s balloon glow was also cancelled due to winds but the worst news of the fiesta was went a balloon went down early Friday morning killing the pilot when it hit power lines and ignited.  The passenger remained in critical care several days later.

But on a cheerier note, it happens ever year;  someone pops the question floating above the crowds.  Better yet every year someone actually ties the knot while floating overhead.  I can’t quite imagine all that preparation: hair, gown, makeup, hose, garter, something borrowed, something blue, before 6 in the morning!  And then to have it ruined as soon as you hop into the balloon!  Speaking of hopping into the balloon, exactly how does one do it in a wedding gown?

However this year rumor has it that a gentlemen hired 2 ballons, one for his lady friend and one for himself.  On his balloon he had a banner proposing marriage to the lucky lady.   Again rumor has it she said no and landed never to be heard from again!

Mark your calenders for next year’s Albuquerque International Balloon Fiesta on October 3, 2009.  We’ll put in our order for better weather early and be sure and put your reservations early as this town fills up!

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17
Oct

FHFA to announce new conforming loan limits November 7,2008

   Posted by: admin    in Mortgages, loans

News from the Feds hot off the press regarding loan limits.

The Federal Housing Finance Authority (FHFA), will announce 2009 conforming loan limits for Fannie Mae and Freddie Mac by November 7.  The limits will define the maximum loan size of mortgages that can be purchased.

Under Housing and Economic Recovery Act of 2008 , (HERA )passed July 2008, the FHFA was directed to set conforming loan limits each year for the nation as well as for high cost areas.  The rules governing how the loan limits are established differ from the rules set forth in the Economic Stimulus Act of 2008, (ESA) which applies to loans originated in 2008.  Under ESA loan limits for high cost areas were set at 125 percent of local house price medians and the maximum high cost limit was 175 percent of the nation conforming limit ($729,750 in the continental US).  Under HERA, the high cost area loan limits are 115 percent of local price medians up to a maximun of 150 percent of the national limit.  In 2009, if the national limit remains at $417,000 for one unit properties, the max limit in high cost areas would be $625,000 for the continental US.

To determine high cost area limits under HERA for 2009, FHFA will use median home values estimated by the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD).  The FHA median prices will be calculated in the coming weeks by FHA for the purpose of determining its 2009 loan limits.  Information can be found here.

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