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fannie mae: Twin Cities Mortgage Guidelines vs National Mortgage Guidelines - 01/08/10 03:54 PM
Guess what? They're all the same. While regional banks may make some up some of their own guidelines and criteria, Fannie Mae, Freddie Mac, FHA, and VA have national standards. In addition, various lenders will put their own credit overlay on top of these guidelines to lower their risk. True portfolio lenders can make up their own guidelines-as long as they don't violate any federal or state regulations and guidelines.
Here is a nice article that explains the evolution of the restrictive criteria involved in getting a mortgage. The pendulum has certainly swung the other way. Today, things are too tight. … (0 comments)
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fannie mae: Appraisal Reform Is GOING To Happen-It Will Affect ALL Mortgage Brokers And Lenders Selling Loans To The GSE's - 03/03/08 11:45 PM
An interesting event took place quietly today. In New York, the attorney general reached an accord with Fannie Mae and Freddie Mac to eliminate the ability of mortgage brokers to order appraisals. Fannie and Freddie are known as GSE's-government sponsered entities. Going forward in 2009, Fannie and Freddie will not buy mortgage loans where the mortgage broker or a lender controlled mortgage appraisal company selected the appraiser. Instead, all future appraisals will need to be ordered through an independent appraisal management company. They want a separation of Church and State.
Why is this important? It removes any quid pro quo arrangement that … (7 comments)
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fannie mae: Refinance One Day Off MLS-Available On Minnesota Mortgages - 03/01/08 09:24 AM
Edina Minnesota mortgage broker Venture Development encounters this problem and offers a solution.
Many home sellers today are reaching a point of frustration in their home selling efforts which leads them to take their home off of the market. Many instead are deciding to stay and remodel. Usually, a remodel will require a new first mortgage or a home equity loan or line of credit. Sometime, it will involve both. What many sellers are finding, is that traditional Fannie Mae and Freddie Mac mortgage loan products prohibit you from refinancing for 6-12 months after the home is off the market. What the … (0 comments)
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fannie mae: Fannie Mae Posted 3.6B Loss-Fed May Cut Rates Again-Minnesota Mortgage Broker Opinion - 02/27/08 09:33 AM
Venture Development-Minnesota's Premier Mortgage Broker believes that borrowers with adjustable rate debt and debt that floats based on various indexes may get a break if the fed lowers rates again. It might not affect long term mortgage rates, so don't sit on the fence and wait for what you perceive will be lower rates. The offset to lower short term rates might be inflation, which will cause long term rates to rise.
The fact that Fannie Mae lost a lot of money is concerning because the natural follow up will be a further constriction in lending on high loan to value programs. 100% … (0 comments)
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fannie mae: Interest Only Loans Buy 20% More Home With Maximum Interest Deductibility - 01/19/08 08:00 PM
A lot of the press today is states that interest only loans are "bad" and that they should be avoided. Instead, let's examine why you might want to get an interest only loan. Once you understand how the typical product works, you can make your own educated decision. Think of your mortgage as a financial instrument that needs to be managed and integrated with your other financial goals.
A conservative example of an interest only mortgage product allows for ten years of "interest only payments". The repayment period of the loan is traditionally 30 years. The interest rate is fixed during … (0 comments)
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Patti Mazzara NMLS #333279
Edina,
MN
More about me…
Venture Development Inc NMLS #373115
Address: 7300 France Ave S #410, Edina, MN, 55435
Office Phone: (952) 285-4319
Cell Phone: (612) 237-6277
Email Me
Learn about the Twin Cities real estate, minnesota real estate, minnesota home financing, minnesota mortgages, FHA, VA, Reverse Mortgages, Debt Consolidation, refinancing, first time buyer programs, interest only loans, Edina, Minneapolis and St Paul. Visit our mortgage site at http://www.ventureloanapp.com or http://www.edinamortgage.com
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Venture Development NMLS #373115
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