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manager: Financing Condominiums – What you need to know Part II: How Condos are Approved for Financing - 11/03/08 01:04 PM
Last week, we looked at some of the most significant factors that are considered in condominium approval. Let’s examine the 5 methods allowed for approval of a specific condo.
Fannie Mae / FHA Approval
Fannie Mae and the Federal Housing Administration used to approve condominiums following an exhaustive process that involved extensive questionnaires, appraisals, review of hundreds of pages of condo documents, and, as often as not, site visits. As the housing market has worsened, the expense of performing these reviews was no longer justified. Despite their termination of this process, both FNMA and FHA maintain an extensive list of approved … (0 comments)

manager: Financing By The FICO: 2007 to 2008 - 01/07/08 05:43 PM
By any measure, 2007 was a tumultuous year in the mortgage industry.  Since December 2006, over 210 mortgage lenders have ended their operations, and many more mortgage brokers have closed-up shop.  With so many changes having occurred from January 2007 to January 2008, I thought it would be appropriate to run through the changes that have taken place by FICO score.  Here is a comparison of product availability from January 2007 to January 2008.
                                                            2007                            2008
Minimum FICO for FHA Financing              500                              500
Minimum FICO for Subprime Loan            500                              550
Minimum FICO for 100% financing            540                              580
Effective Minimum FICO for 100%             580                              620
            (Effective = APR … (4 comments)

 

Dan Hartman

Providence, RI

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Province Mortgage Associates - (401) 263-8655

Address: 10 Davol Sq, Providence, RI, 02903

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Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you! Locations of visitors to this page Site Meter


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