fannie mae: Lenders and mortgage insurers pull back - 06/05/08 02:21 AM
In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. Underwriting software used by brokers and loan officers is issuing fewer approvals than at the end of May.
Most buyers can still get home loans, but some find themselves pushed out of the private mortgage insurance, or PMI, market. Instead, they have to get mortgage insurance through the Federal Housing Administration. That often entails having to switch mortgage brokers, because many don't have FHA certification.
The upshot: Although mortgages have become harder to get, … (1 comments)

fannie mae: Fannie to Aid Underwater Loans - 05/12/08 02:22 AM

Fannie Mae is preparing to introduce by midyear a program of refinancing mortgages for people who owe more than the current value of their homes, a situation known as being "underwater."
The plan is the latest twist in efforts to contain the surge in foreclosures on homes in much of the U.S. It differs from a bill approved by the House on Thursday that would authorize the Federal Housing Administration to insure loans for distressed borrowers only after the lender has written down the principal -- something many lenders are reluctant to do. Fannie's refinance plan would result in new … (6 comments)

fannie mae: Consequences for 'Walk-Away' Borrowers - 04/20/08 07:15 AM
Found this and tought to pass it on. Please inform your clients that might be in hardship stuation. 
The government and the lending industry are taking aim at "walk-away" home owners who stop making payments and months later send the house keys back to their lender. Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are "documented extenuating circumstances." In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at least a 10 percent down payment … (5 comments)

 
Boris Miric, Realtor (Licensed in DC-VA-MD) (Fathom Realty)

Boris Miric

Realtor (Licensed in DC-VA-MD)

Washington, DC

More about me…

Fathom Realty

Address: District One Properties, 1305 Leslie Ave, Alexandria, VA, 22301

Office: (703) 600-7000

Mobile: (202) 459-4700



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