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buyers: Fannie Mae has lifted 'Declining Markets' policy!! - 05/19/08 06:45 AM
HUGE news for the mortgage industry. Since D-Day last August programs have been taken away daily & new restrictions are constantly being placed on what we do have.
One big restriction was placed by Fannie Mae stating in automated underwriting findings 'home may be located in a declining market & will … (8 comments)
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buyers: 100% financing available only for government loans, in Michigan - 03/26/08 05:58 AM
Well, the last 100% mortgage option has pretty much been taken away from us, and most others, in the country - as of March 31st. The Flex 100 has been discontinued.
There are a couple of government programs that still allow 100% however. The Guaranteed Rural Housing Loan is for any area … (21 comments)
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buyers: 100% financing dwindling away.... - 02/26/08 06:32 AM
The mortgage market has not gotten any easier in the recent weeks....programs still being taken away from us and credit score enforcements are becoming even stricter.
The State of Michigan has been declared, by almost all investors, a declining value state, hence, no investor will loan their maximum loan-to-value.
What this means - … (12 comments)
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buyers: So, the Fed has 'cut the rates'.......what does that mean to mortgage rates? - 02/21/08 12:23 PM
So, the Fed has 'cut the rates' - twice no less - what exactly does that mean to those of us who have/want mortgages?
The Fed cuts the rates that allow banks to borrow from each other and also to borrow from the Federal Reserve. Unless you have a Home … (6 comments)
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buyers: Does each credit report pull count AGAINST the borrower? - 01/12/08 08:48 AM
Most of us in the industry have been counseled that when multiple lenders, car dealers, etc. pull a clients credit report within a certain time frame that the ‘inquiry' only counts as ONE.
Recent information from the credit bureaus has enlightened us that this, in fact, is NOT the case.
There are separate … (10 comments)
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