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fannie mae: Fannie and Freddie Stick The American Consumer Again! - 01/12/11 01:02 PM
As a way to thank the American taxpayer for their bail out, Fannie and Freddie have decided to stick their hands in the pocket of the American taxpayer once again.  You may or may not be aware that beginning this Spring, Fannie Mae and Freddie Mac will now charge additional fees to ALL borrowers who have a down payment of less than 25%.  Yes, you read that right, ALL borrowers, irregardless of credit score will pay an additional fee to Fannie and Freddie for a smaller down payment.  That client who has 20% down and an 800 credit score pays an … (1 comments)

fannie mae: Investment Property Financing - 08/27/09 11:02 AM
Ok, I have to admit, it has been far too long since I have updated my blog.  I do a lot of freelance writing for www.mortgagecurrentcy.com and that is where I havd dedicated most of my time.  Not to mention, they actually pay me for my articles :)
If your like me, you are sick and tired of lenders who tell clients and agents the wrong information because they DO NOT know the right information.  As part of my duties for www.mortgagecurrentcy.com I write an Ask The Experts Column.  I recently had a subscriber who had an underwriter fight with him in regards … (0 comments)

fannie mae: Financing Investment Property - 07/03/08 11:15 PM
I have recently run into a string of borrowers who have been turned down by lender after lender for the purchase of investment property.  These borrowers are generally investors who have accumulated multiple properties (many within the last couple of years).  So what is the common problem these borrowers are running into that is stopping them from getting approval?  Simply put, their lenders inexperience.  Did I just say that out loud?All of these borrowers are borrowers with credit scores in excess of 720, documentable income as well as verified cash for their down payments.  So why wouldn't a lender want to … (0 comments)

fannie mae: Fannie Mae's New National Downpayment Minimum - 05/18/08 04:13 PM
Just this past week, Fannie Mae rolled out a new initiative to set a minimum required down payment that applies to all area's nationwide.  Even those markets where a property is deemed to be in a declining market.  Before we all start to jump and shout, it is important to realize that this comes with some strings attached.
The nationwide downpayment is tied to the release of Fannie Mae's Desktop Underwriter version 7.0.  It is expected that this new system will be a lot tougher to get an approval under.  So even though the downpayment requirements may have been relaxed, it will still be … (0 comments)

fannie mae: Government to cut Jumbo loan rates? Maybe! - 01/28/08 11:10 PM
With everything going on in Washington, one thing that caught my attention is the discussion on allowing Fannie Mae and Freddie Mac to purchase mortgage loans that exceed their standard loan limit of $417,000 for most areas.  There are different rumors that the loan limit could be raised from $417,000 to as high as $700,000 at least thru the end of this year. 
For those of you who are in high cost area's where $417,000 doesn't go far, this could bring new life to the market.  As many are aware, the market for jumbo home loans went sour with many of the … (3 comments)

 
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Dan Moralez

Grand Rapids, MI

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First Place Bank

Address: 4175 Parkway Place, Grandville, MI, 49418

Office Phone: (616) 931-4629

Cell Phone: (616) 931-4629

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