fannie mae: Fannie Mae Rate Changes for Investment Loans - 12/30/08 03:40 PM
Investors were spoiled and so were agents and loan officers during the peak of the boom. Sure I remember 100% investor financing at 7% - it's gone! When I first entered the business if you did not have at least 20% down and a debt-to-income ratio of 43% or less you were not even getting an investor loan at all at any rate. Additionally the interest rates were about 12% for investors.
Today you can purchase a residential real estate investment property with 20% down and fair credit. The rates really are not bad compared to most every other time in … (1 comments)
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fannie mae: Tips Countdown: #26 Non-Occupant Co-Borrower - 12/02/08 07:40 PM
Mortgage Tip #26 (Counting down to #1)
It happens. Neither the borrower nor their spouse nor both combined earn enough income to qualify for the loan they need to purchase their first, or next, home. We see this most often on first time home-buyers where one or both of the spouses do not qualify for any of a handful of reasons.
Since there are different rules for different situations and since lenders augment or modify the guidelines from Fannie or Freddie and often go over-kill on FHA I will not publish a list but rather ask you to develop a relationship … (1 comments)
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fannie mae: Bring on December and Let's Finish Strong! - 11/30/08 10:04 PM
Someone made the coment to me the other day that I should not expect much activity in the month of December. Are you kidding me? I'm in the real estate investment funding business and with our real estate investment loans, many of them exclusive to us and available in most states, we have consistently turned in a very strong December. In fact 4 out of the last 8 Decembers have been one of our top 3 months!
Maybe it's because we have the niche of product that caters to real estate investors like our IRA Loans and our Fannie Buster (that … (4 comments)
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fannie mae: Mortgage Companies and Banks Do Not Run The Mortgage Industry - 09/05/08 11:05 AM
Neither do the investors.
Neither does the government.
A couple of weeks ago I was on a conference call for wholesale lenders and mortgage brokers with HUD Deputy Secretary Jim Beavers who is in charge of FHA's Single Family Housing Products. Jim "fussed" at the wholesale lenders for writing their own rules above and beyond what FHA's guidelines allow for. He gave them/us an earful about how FHA Secure has been treated by the lenders.
I agreed with him. Lenders have treated FHA Secure like the piece of garbage it is. Designed to help homeowners (originally) who were behind in their … (9 comments)
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fannie mae: Crucial Conference Call on HR3221 FHA Deal Killing Changes NOW - 08/15/08 09:25 AM
Join me and my guests for this very crucial conference call regarding the changes mandated by HR 3221 (Housing Rescue Bill) and how it WILL affect your transactions. It is urgent because this is in play now - not at some phantom future date - and many of you will be caught in the cross fire. Especially if you do not know the Seven Deal Killers that are in play right now.
This is probably the most important conference call you will participate in this year. It contains assembled information not available from any other source of this type at this … (0 comments)
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fannie mae: What Are "Fannie Mae Guidelines"? - 07/29/08 02:01 PM
When I used to attend church regularly, as opposed to irregularly, I noticed we developed our own little language that didn't really mean anything to those who attend church rarely or never. Likewise, some years ago, I worked for a headhunter agency and each niche of employment had its own buzz words and patent phrases.
We do the same in the mortgage banking industry.
Today I had a meeting with a very successful broker who has over 240 agents and a large percentage are highly active. I used the initials "DTI" and she squinted, as though forcing the answer from her … (4 comments)
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fannie mae: Last Chance For A Decent Mortgage? Fed Changes Will Impact Your Ability To Borrow - 07/09/08 08:19 PM
Chairman Bernanke is about to change the face of mortgage lending and it could affect you. In fact, they have already tipped their hat to let economists know they will be raising interest rates in coming meetings. For several months before the fallout began I literally begged people to refinance into a fixed rate mortgage before the lending environment changed drastically. A few called me and we were able to help them. Since then literally thousands have called who could not qualify under new lending guidelines and are now stuck with adjustable rates they can no longer afford and they are … (1 comments)
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fannie mae: Lender Update - LTV Changes are HERE ;) - 06/12/08 04:18 PM
I alluded to this several weeks ago (sorry for my absence I was quite sick for nearly 3 months) and now the time has come. The Mortgage Insurers are broke and have to fix it. This is nationwide regardless of the strength of your market area. According to most Mortgage Insurers the entire nation is in a declining market. What a great time to be a real estate investor!
General Specifications:
As previously notified, after today you will no longer be able to obtain commitments for mortgage insurance on loans with LTVs greater than 97%. Therefore, the following 100% LTV programs … (4 comments)
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fannie mae: People Get Ready - There's A Train A coming - 03/19/08 02:15 PM
You DO need a ticket to climb on board.
It is the beginning of the Spring buying season and while there is an excess of inventory in the marketplace the worst problem is the loss of the secondary market which should come back over the next couple of weeks with the release of liquidity through the GSE's (FNMA/FHLMC).
So we know the secondary market has been stifled (nee - frozen) by the disappearance of investment funds and the goal of the GSE move is to unstifle the market to bring life back to the secondary market.
Is it too late? Have people been turned … (8 comments)
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fannie mae: Just Who Says I Am In A Declining Market? (Video Market Update, Too) - 03/04/08 12:28 PM
Who determines declining markets? Simple: the mortgage insurance company - usually. MGIC, Radian, RMIC, Genworth ... the list goes on. Mortgage insurers have "taken a beating" with declined value properties over the last several months as well they should have. You see they were simply another component to carry the blame for letting the problem get so far out of hand. They are not and were not an innocent third party bystander through the strong market neither should they be free from cost and investigation in the market downturn. They do, however, act like it was all your fault.
Okay let me … (0 comments)
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fannie mae: Fannie Mae Helping Licensed Agents? Killing Subject-To Investing? - 12/05/06 02:57 PM
Maybe or not. Coming soon to All Regs is the announcement that FNMA will henceforth require all refinance loans to be provided only to borrowers who are on the existing loan. In other words SUBJECT-TO deals will no longer be allowed to be treated as a finance and must be treated as a purchase.
For many years investors have been able to acquire properties subject to the existing loan without using a licensed real estate agent because the properties were never listed and were usually acquired during some status of pre-foreclosure or other distress.
The argument about Subject-To investing has long been … (1 comments)
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