Fannie Mae is Changing their Underwriting Guidelines - 07/16/12 09:32 AM
Fannie Mae just announced some changes to their underwriting guidelines.  Here are a few of the most note-worthy: The maximum loan-to-value (LTV) and combined loan-to-value (CLTV) ratios for adjustable rate mortgages (ARMs) is being lowered from 97% to 90% for 1-unit, primary residences for purchase and no cash-out refinances.  This means you will need 10% down if you're buying a house and financing it with an ARM.  The ratios are being lowered even more for other types of transactions. They are eliminating exterior-only appraisals and property inspections.  This means only full, interior appraisals will be allowed.  No more "drive-by" appraisals. They are raising the minimum credit score … (2 comments)

You Need This Much Money to Buy a House - 07/16/12 09:10 AM
One of the most common questions we are asked is, "How much money do I need in the bank to buy a house?"   If you don't own any other properties other than the house you're going to buy, then all you need is enough money to pay for the down payment and the closing costs.  If the seller is going to be paying the closing costs for you, or the lender is going to be paying them for you, then all you need is enough money to cover the down payment.    With FHA loans, the money you need to buy a house can be a gift from a … (26 comments)

 
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Chris Thomas

Denver, CO

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The Mortgage Experts at America's Mortgage

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