A Special Announcement and A Correction

First, the Special Announcement:

After 19 years with Mike Dunn + Associates, I have a
new company with whom I am working.

Mike Dunn decided to merge his operations with Rancho
Financial Mortgage Center in Rancho Bernardo, and most
of us who served as loan originators with Mike, also
made the move effective December 1.

My new contact information will be:

Rancho Financial Mortgage Center
16456 Bernardo Center Dr.
Suite 201
San Diego, CA 92128

Office: 858-451-0620
Cell: 619-846-4322
E-mail: dbrennecke@roadrunner.com

Rancho Financial offers the full array of mortgage
brokerage choices that I have previously enjoyed, and
they also offer mortgage banking relationships with
GMAC, Suntrust, CitiMortgage, Amtrust, Chase, Wells
Fargo and Flagstar Mortgage. As a mortgage banker,
they offer expedited service with these lenders
for underwriting, loan document preparation, and
funding of the loan.

In addition, I have access to more extensive FHA
and VA programs.

Please make sure to give me a call with any of your
loan scenarios and I can see how my enhanced product
and service options can assist you in closing your
next transaction.


Second, the Correction.

Last issue I announced the changes to the FHLMC and
FNMA conforming loan limits, and I misinterpreted the
memo that I read.

Currently, the conforming limits are $417,000 for a
single-family home. Until the end of the year, the
Stimulus Act created a category commonly called
conforming-jumbo which allows loans to be created
up to $697,500 in San Diego, and FHLMC and FNMA can
purchase loans to that temporary limit.

I interpreted the announcement that the new conforming
limit for San Diego will be going to $546,250, and
that the conforming-jumbo category was expiring.

In fact, the conforming limit is remaining at $417,000.
In San Diego, the conforming-jumbo limit is set at
$546,250 for 2009.

The reason this makes a difference to you is because
there are underwriting and pricing differences that
can exist between the conforming and conforming-jumbo
loan programs.

So, as we offer mortgage loans through 2009, we will
still have three general categories of lending options:
conforming (up to $417,000), conforming-jumbo (between
$417,000 and $546,250 in San Diego), and jumbo loans
(those above $546,250 in San Diego).

As I've mentioned previously, there are limited choices
for jumbo loans at rates and fees that most would find
acceptable. The 30-year and 15-year jumbo fixed rate
loans are particularly expensive due to investor
reluctance to purchase these loans.

Explore any loan scenarios with me before you make a
final decision. My resources may be able to help yousave significantly.