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fannie mae: Fannie Mae and Freddie Mac Imminent Default Guidelines for Home Affordable Modification Program - 04/07/10 11:08 PM
In a recent webinar on the “Imminent Default” category for homeowners seeking help through The Obama Plans – the Making Home Affordable Programs aka Home Affordable Modification Program – I was pleased to learn the process for homeowners who have not yet defaulted on their home loan that are seeking assistance through loan modification in order to remain in their home will have some more straightforward guidelines established for their servicers to follow. For example, previously a homeowner who had not yet defaulted on their mortgage could not have more than 3 months PITI in reserves, but now they can have … (4 comments)
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fannie mae: Beware of Hidden Costs in Your Home Purchase Transaction - 11/10/09 10:22 AM
After a series of winter-like storms rolling through our corner of the world, the latest in a stream of “hidden costs” associated with the purchase of bank owned foreclosure sale transactions came to my attention. Working with a lot of first time buyers who often work very hard to come up with their required cash contributions to purchase their first home, I’ve learned to be diligent in watching their costs so they know going in to their first home purchase exactly what to expect. In the past couple of years, as bank owned foreclosure sales became more prevalent in our area, … (10 comments)
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fannie mae: Out With The New/Old, In With The Old/New…Oh Whatever! - 11/03/09 06:31 PM
2008 and 2009 have been phenomenal funding times for FHA loan financing for buyers purchasing real estate. This is because FHA guidelines are broader, making this financing tool more suited to today’s homebuyers’ needs. FHA guidelines allow the buyer to receive gift funds for their down payment/closing costs, which is what many first time home buyers are doing these days.
Prior to FHA financing’s comeback, conventional loans were the tool of choice for first time home buyers because they could choose “piggyback financing” – two loans, holding the amount borrowed on the 1st mortgage to 80% or less, financing the … (2 comments)
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fannie mae: Thinking of Buying A Foreclosed Home In Southern Oregon? - 06/23/09 09:05 PM
Here in Southern Oregon, in the traditional peak buying season we're seeing quite a bit of activity in the lower price ranges of the real estate market. Even Ashland, where prices are at the higher end of the scale for the Rogue Valley, sales are picking up. In Medford, White City, Central Point, Eagle Point the under $200,000 price ranges are seeing a flurry of activity, especially heavy in the lower price ranges where both first time home buyers looking to take advantage of the $8000 tax credit before it sunsets December 1, 2009 AND investors who are seeing price ranges … (6 comments)
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fannie mae: Note To President Obama/Senate Banking Committee – It appears Not Everyone Is Onboard With The Home Affordable Programs - 05/08/09 05:15 PM
Here it is a month after the Home Affordable Programs got up and running. Well, more like a week, since many lenders did not come out with the pricing on the Fannie Mae DU Refi Plus until within the past couple of weeks, and only a few are coming out with the Freddie Mac Relief Refinance pricing.
Here are some discoveries/experiences I've encountered.
On Home Affordable Refinance:
Private Mortgage Insurance Companiesare restricting the transfer of their mortgage insurance policies to the existing lender/servicer only, eliminating the homeowners' opportunity to shop for their pricing and eliminating competition.
Banks/Mortgage companies holding … (6 comments)
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fannie mae: Riding the Roller Coaster of the Home Affordable Refinance Wave - 04/15/09 09:42 AM
I shouldn't be surprised by the ebb and flow in this business. Real estate markets have always been cyclical, driven by local economic forces and demands. Driven by migration trends related to those demands and forces. Driven by Acts of God. I know this - I've EXPERIENCED these many times over!
But what a roller coaster ride we seem to be on today! Weeeeeee.... Home Affordable Refinance and Modification programs are rolled out to help struggling homeowners refinance to today's interest rates or modify their terms in order to help them stay in their homes and stem the tide of foreclosures! Whooosh, if … (0 comments)
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fannie mae: Plan B for Rogue Valley Sellers - Rent Out Your Current Residence In Order To Purchase Your New One? (Part 4 of 5) - 11/18/08 04:11 PM
Maybe you don't need the equity from your present home in order to purchase the next one. In this case, I don't think Pros & Cons are needed, just a "congratulations - good for you"! There have been some underwriting guideline changes that you will need to know about if you are going to be financing the new purchase:
Fannie Mae's most recent instruction to lenders on how to handle a borrower's income producing property, including a principal residence that will be rented out: "Verify the net rental income or loss with the borrower's most recent signed federal income tax return … (3 comments)
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fannie mae: Distressed Homeowners Frequently Asked Questions - 11/11/08 04:14 PM
In conjunction with the Blog Post "Distressed Homeowners, More Help Is On The Way", here are some questions and answers:
Q. Can I apply even if I'm not 3 months or more behind on my mortgage payments?
A. Not for this program, but there may be other options available to you. Call your lender to see what options are available to you.
Q. Should I stop making my payments so I'll be approved for a Note Modification?
A. If you intentional default on your mortgage, the lenders will not approve your request for assistance.
Q. What is a Note Modification?
A. A Note Modification … (2 comments)
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fannie mae: Distressed Homeowners, More Help Is On The Way - 11/11/08 04:07 PM
Do you own a home, one you have been struggling with making the payments on? Have you given up hope of keeping your home, and stopped making your mortgage payments? Is it your wish to be able to stay in your home, if only the payments on it were more affordable?
Homeowners there are rays of sunshine in all the gloom in the housing market. A streamlined approach is being rolled out to help distressed homeowners wanting to stay in their homes. By December 15, 2008, servicers of loans sold to Fannie Mae and Freddie Mac - this is roughly 58% … (4 comments)
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fannie mae: U.S. Home Buyers – Can We Talk? - 10/22/08 06:11 PM
Federal Housing Finance Agency Mortgage Metrics Report was released today, including the Real Estate Owned (REO) Acquisitions. During first quarter 2008, REO acquisitions averaged 10,054 per month with 5,406 classified as prime and 4,648 classified as nonprime mortgage properties. Sounds pretty horrible, doesn't it?
Do the numbers released today by the Federal Housing Finance Agency (FHFA) in this report, the agency that is the conservator of Fannie Mae and Freddie Mac operations, reflect what you are seeing/hearing in the news? This report shows in 1st half of 2008, more of the homes these enterprises received back through foreclosure proceedings were due … (4 comments)
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fannie mae: Another Option Coming For Struggling Homeowners in April 2008 - 02/29/08 09:44 AM
In April, Fannie Mae loan servicers will have another option to offer to their borrowers. HomeSaver Advance will be their newest loss mitigation option to look to for delinquent mortgages. The key to this option will be that a borrower can show that the reason that triggered their delinquency - i.e. job loss, medical emergency - has been resolved and they now have the long-term financial capability to not only continue making their scheduled mortgage payments, but the additional amount needed to cure the delinquency. Provided the borrower can establish this, they are willing to participate in this program, they have … (2 comments)
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fannie mae: Fannie Mae's Declining Value Area Designation - 02/26/08 12:07 AM
We're starting to see the "Declining Value Area" condition popping up on some of our automated underwriting decisions on Jackson County, Oregon properties. In many cases, this will not affect the borrower's loan amount. For first time home buyers putting the minimum amount down for their down payment, it is creating some challenges, though. Down payment assistance programs are becoming even more valuable to help buyers meet a higher down payment requirement.
A Southern Oregon buyer that was preapproved long before this guideline change went in to affect is now having to consider coming up with an extra 5% to put down … (4 comments)
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fannie mae: Effective Today Fannie Mae's Declining Markets Reinstated Guideline Takes Effect - 01/15/08 01:48 PM
Well, today is the day. Loan Applications dated January 15, 2008 or later may be subject to this reinstated regulation. Freddie Mac, VA and HUD have all posted similar notifications, making Fannie Mae the last one to the table on this issue. I'm finding that with a such a wide-based and undefined criteria, not all lenders are treating the regulation the same. Most lenders are ignoring Fannie Mae's recommendation that since real estate markets are local markets, and properties in one neighborhood may have stable values, while those in other neighborhoods may not. Fannie Mae Notice 07-22 states that if an appraiser stipulates on their … (9 comments)
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Karen Pierce Cooper
Medford,
OR
More about me…
Karen Pierce Cooper| Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 28 years of experience providing Southern Oregon and California Home Buyers and Homeowners | Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville | Helping Southern Oregonians on the road to fulfilling the American Dream of Homeownership - and staying there! ,
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