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freddie mac: 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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freddie mac: 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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freddie mac: 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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freddie mac: Freddie Mac Is Making Some Changes-MN Mortgage Lender Says "Buy Now" - 02/23/08 12:29 PM
I've said it before, but it really does bear repeating once again "BUY NOW." The GSE-Government Sponsored Entities of Fannie Mae and Freddie Mac are the primary purchasers of the mortgages originated today. Some of the high loan to value loans go by the names of "My Community", "Home Possible" and the "Flex 100". There are more programs, but these are the primary one loan products. The primary two loan product is an 80/20 loans where you get an 80% first and a simulataneous 20% second for a combined total of 100%. Slight Variations include the 80/10/10, 75/25, and even 75/20/5.
Recently I've posted about the … (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
Patti Mazzara NMLS #333279
Venture Development NMLS #373115
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