FHA's Rental Guidelines - 09/26/08 03:35 PM
 
FHA has released a memo on their revised rental guidelines, otherwise known as the "Buy and Bail" memo. This recent HUD announcement is meant to help stop the practice of buying a new primary dwelling with the intention of moving in and ceasing payments on their previous primary residence.
 
Borrowers can no longer count rental income from their vacated primary property. Instead, they must show the ability to make both mortgage payments (past and future). There are two exceptions to this rule:
 
Relocation - If the borrower relocates and the new employment is not within a reasonable commute of the … (1 comments)

Fannie/Freddie Takeover - 09/08/08 02:31 PM
As most of you know, the government just introduced a huge bailout plan for Fannie Mae & Freddie Mac. Here’s my input on the situation:
Fannie & Freddie were getting dangerously close to their regulator’s definition of insolvency & the fed knew that if the situation continued to deteriorate there would be huge repercussions in the bond-market which would lead to a collapse of global markets as we know them.
Several months ago a rumor circulated that IndyMac was illiquid & in less than a week so many depositors withdrew their cash (several billion $$) that they truly became illiquid. Yes, … (3 comments)

 
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Dan Magstadt

Lake City, FL

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CrossCountry Mortgage

Address: 496 SW Ring Court, Lake City, FL, 32025

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Mortgage blog written by Dan Magstadt to help give some insight into the mortgage market as well as let everyone know what's going on at Meridian Financial & my personal life!
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