freddie mac: 2013 Fannie Mae & Freddie Mac Loan Limits Announced
- 11/29/12 02:15 AM
Today, the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. Two to four units properties will exceed the $417,000 loan limit.
In Georgia, only Greene County exceeds the $417,000 loan amount. Their conforming loan limit is $515,200.
The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and are calculated each year. This law sets loan … (3 comments)
The Federal Housing Finance Agency (FHFA) has announced 2012 conforming loan limits. The agency base conforming and high-cost area loan limits will remain at the existing 2011 levels through December 31, 2012. The only county to see an increase is Fairfield County, Connecticut.
The base conforming loan limit remain at its current level ($417,000 for 1-unit properties in the contiguous United States). Some high-cost areas of the country can exceed the $417,000 limit though. For those areas, the current maximum high-cost limit is $625,500 for a 1-unit single-family property in the … (2 comments)
The Federal Housing Finance Agency (FHFA) has announced 2012 conforming loan limits. The agency base conforming and high-cost area loan limits will remain at the existing 2011 levels through December 31, 2012. The only county to see an increase is Fairfield County, Connecticut.
The base conforming loan limit remain at its current level ($417,000 for 1-unit properties in the contiguous United States). Some high-cost areas of the country can exceed the $417,000 limit though. For those areas, the current maximum high-cost limit is $625,500 for a 1-unit single-family property in the … (2 comments)
freddie mac: HVCC and It's Influence on Today's Appraisal Standards
- 09/04/11 06:59 AM
The Home Valuation Code of Conduct (HVCC) was implemented in May 1, 2009 by the Federal Housing Finance Agency (FHFA). It was designed as an attempt to improve the independence of appraisers. It contained provisions that prohibit lenders and third parties from influencing appraisals to arrive at a certain value. According to NAR, the HVCC establishes standards on solicitation, selection, compensation, conflicts of interest and appraiser independence. Mortgage brokers and real estate agents are prohibited from selecting appraisers. Lenders are permitted to use “in house” staff appraisers to conduct appraisals. However, the loan production staff is prohibited from: 1) Selecting, retaining, recommending, or influencing the … (8 comments)
freddie mac: Freddie Mac Reduces Maximum Loan to Value
- 03/05/11 02:36 PM
On March 1, 2011, Freddie Mac announced that it will be lowering its maximum loan to value. The reduction will be effective with all Freddie Mac conventional mortgages with a settlement date on or after June 1, 2011. Maximum financing requirement lowered to 95% LTV/TLTV/HTLTV Only exception will be Relief Refinance Mortgages Home Possible Mortgages will also be reduced to 95% The change will not be overly impactful as mortgage insurance over 95% LTV is still difficult to obtain for conventional mortgages.
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freddie mac: Real Estate Agents - Fact or Fiction.... Learn the Underwriting Requirements of 2011
- 01/04/11 03:17 PM
As we begin 2011, underwriting guidelines remain the tightest that many in the mortgage and real estate industries have seen in recent years. Today's rules/requirements echo those of the pre-2000 era. Given that a great number of today's players in the real estate industry have been in the industry less than 10 years, many simply cannot understand these changes. For those who have been in the business longer, many of those have forgotten the old days when today's guidelines were common practice. Every still has the 2005-2006 era stuck in their head. That is now what is know as HISTORY. It's … (14 comments)
freddie mac: Freddie Mac to Suspend Evictions Later This Month
- 12/01/10 04:17 AM
Freddie Mac announced today that they will be suspending evictions later this month. The eviction suspension will be in effect from December 20, 2010 until January 3, 2011. This will be for all single family and 2-4 units homes. In a statement released by Freddie Mac, Anthony Renzi, Executive Vice President of Single Family Portfolio Management at Freddie Mac stated "If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays." Last year many mortgage companies suspended foreclosure proceedings during the holiday season.
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freddie mac: Conventional Loan Limits to Remain Unchanged in 2011
- 11/19/10 07:13 AM
Today, Fannie Mae announced that the conventional mortgage loan limits will remain unchanged in 2011 from current limits. This is no big surprise since they have remained unchanged for a few years now. First Mortgage Loan Limits for 2011:
The high-cost area loan limits, will however see a change in 2011. For high-cost mortgage loans originated in 2011, pursuant to FHFA's announcement, are as follows: For mortgage loans originated on or before September 30, 2011, loan limits remain unchanged from the 2010 high-cost area loan limits. The maximum limit is $729,750 for a 1-unit property in the continental United States, established under … (3 comments)
freddie mac: Conventional Financing Mortgage Program Overview/Updates
- 09/28/10 05:03 AM
Program Basics HomePath Financing Mortgage Program Overview/Updates Conventional Loan Limits to Remain Unchanged in 2011 Conventional Guideline FAQ - Assets Self-Employed???? Acceptable Use of Business Funds for Closing Conventional Guideline FAQ - Credit Do You Need a New Credit Report Before Closing??? - Fannie Mae Clarifies Its PositionFannie Mae Updates Policy for Borrowers With a Previous BankruptcyFannie Mae's Latest Guidance for Foreclosures, Bankruptcies, & Short Sales
Conventional Guideline FAQ - IncomeBusiness Expense Deductions vs Qualifying for a Mortgage Minimum Time of Employment - Fannie Mae Conventional GuidelinesConventional Guideline FAQ - MiscellaneousMultiple Mortgages for the Same Borrower - Fannie Mae … (1 comments)
freddie mac: Freddie Mac Adds First Look Initiative to It's HomeSteps REO Properties
- 09/15/10 06:19 AM
The Freddie Mac First Look Initiative now gives home buyers 15 days of exclusive access to buy a HomeSteps property as their primary residence. Freddie Mac announced today that it is expanding the Freddie Mac First Look Initiative on its HomeSteps listings. The First Look Initiative goes into effect on September 17, 2010. According to Chris Bowden, Vice President, HomeSteps, "Expanding the Freddie Mac First Look Initiative emphasizes Freddie Mac's commitment to manage its REO inventory to help stabilize communities, foster affordable homeownership opportunities, and responsibly safeguard tax dollars." What is HomeSteps? HomeSteps is the national real estate sales unit of … (4 comments)
freddie mac: Did You Know That You Can Lose Your Home for Not Paying Your HOA Dues????
- 07/11/10 03:14 PM
Being late on your HOA due payments could cost you your home. I read a very interesting article on this topic today. Some home owners across the country are facing foreclosure, but not from action by their mortgage company. Home Owners Associations (HOA's) are the latest to pursue the foreclosure option to attempt to get delinquent home owners to pay up. Some home owners are viewing their HOA due payments as optional. Quite the opposite is true though. If you live in a community with a mandatory HOA, then your dues are just that, mandatory. Your HOA payments can … (6 comments)
freddie mac: Freddie Mac Axes Interest Only Mortgages
- 02/28/10 01:01 PM
While it shouldn't come as a huge surprise, on Friday, Freddie Mac has announced that they will no longer purchase and securitize iinterest only mortgages. This policy takes effect on September 1, 2010 and impacts both fixed and adjustable rate mortgages. So far, Fannie Mae has not announced similar plans for the once, wildly popular, interest only option. Since 2007, Fannie and Freddie have pretty much been the sole buyers of interest only mortgages. Reports say that over 17% of Freddie's interest only loans were 90+ days delinquent as 2009 ended. Only time will tell if interest only loans will see 2011.
Today, the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. Two to four units properties will exceed the $417,000 loan limit. 
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