Ar_home_b_search
 



fannie mae: Before You Advise Your Clients Rent Their Current Home And Buy Another One, You Need To Know This! - 12/11/09 07:41 PM
When someone buys a home before selling their current home, they may have a problem: if they have a mortgage on the old home, that debt is included in their debt-to-income ratio.
In the old days (pre-2008), home buyers who did not sell their home first had at least a couple of ways to offset their mortgage debt.
Some lenders would accept the income reported on a rent survey prepared by a licensed appraiser. Other lenders would accept a rental agreement.
The lender would subtract 25% of the income obtained by either of these methods off the top to account for … (46 comments)

fannie mae: Fannie Mae and cash reserves - is the government really trying to help the housing market? - 09/16/09 08:17 PM
Fannie Mae has come out with new cash reserve requirements, and I see a conflict. On the one hand, you have the $8000 tax credit for first time home buyers. On the other hand, you have new guidelines released recently by Fannie Mae that is a credit tightening maneuver.
 On every transaction that is sold to Fannie Mae, there are a certain number of months of cash reserves required, made up of the sum of a homeowner's principal, interest, taxes, and insurance (PITI). The  cash reserve requirements are generally between two months and six months of PITI.
Fannie Mae has not … (8 comments)

 
Phil_sitting Rainmaker_large

Phil Caulfield NMLS# 386911 Jumbo and FHA Mortgage Loans California

Burlingame, CA

More about me…

Pre-Approval, First Time Buyer, Fixed Rates

Address: Burlingame, Hillsborough, San Mateo, Foster City, Redwood City, San Francisco, San Carlos, Atherton, Woodside, Portola Valley, Half Moon Bay, Burlingame, CA, 94010

Cell Phone: (650) 222-0386

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog