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changes: Fannie Mae Guideline Changes - Gifts, 97% Financing and Mortgage Insurance - 11/27/10 11:19 PM
There has been some recent excitement about Fannie Mae (FNMA) changing her guidelines on down payments and allowing gift funds as an acceptable form of down payment in lieu of a borrower’s own funds. Before we all get excited about FNMA getting a little FHA in her with respect to gift funds, we need to realize that the guidelines for mortgage insurance and FNMA are not aligned. So long as they aren’t, this change will only have minimal effect.
This chart outlines the new accepted forms of down payment from FNMA’s perspective:



Here's the Fannie definition of acceptable donors for … (3 comments)

changes: FHA Mortgage Insurance and Seller Concession Changes – Ramifications - 09/02/10 02:11 AM
HUD has regrettably increased the annual mortgage insurance premium and soon will have succeeded in reducing the allowable seller concessions.  It's easy to know that this will have a big impact but it will actually change the lending landscape by dramatically decreasing FHA's presence in the marketplace and shifting loan volume to Fannie Mae and FreddieMac who share an uncertain future to say the least.  It will also shift loans to private mortgage insurers, most of whom are either financially anemic or are still reeling from the volatile markets of the last 2.5 years.  And it needn't be said that the private … (20 comments)

changes: FHA Changes Announced – An Outline & Call to Action - 01/20/10 05:18 PM
In today’s press release from HUD, “FHA ANNOUNCES POLICY CHANGES TO ADDRESS RISK AND STRENGTHEN FINANCES,” FHA policy changes, additional desired changes and reasoning for the changes are announced in detail. The material changes are already becoming well known but the potential changes along with alternative approaches to FHA solvency are what we should really be paying attention to.
Briefly, here are the material changes that HUD will make within its existing authority:
1. The first step will be to raise the up-front MIP by 50 bps to 2.25%. (how this increase will be applied will be covered in a mortgagee … (9 comments)

changes: Second Home Underwriting Guideline Changes - A Clearer Picture - 01/09/10 10:25 PM
I was updating my FeedBurner for OriginatorDigest.com and, as usual, I was looking for Bob Tedeschi’s weekly New York Times article as they’re usually fantastic and I’m an avid fan. His article Rethinking Vacation Homes comes so close to addressing the most important issues regarding 2nd home financing changes without actually doing so. I wouldn’t say that it’s Tedeschi’s analysis that’s off the mark but his sources fell short and failed to bring the most pressing matters and trends to his attention.
The article points out that Fannie and Freddie have changed their maximum loan to values available for second homes … (5 comments)

 
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Charles Dailey - NMLS ID#79048

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