As of last week Fannie's HomeReady 3% down program has a maximum income of 80% of the area's Median income for ALL Census tracts. As of the End of this week Freddie's Home Possible will follow Fannie's lead as well.
For the Monmouth/Ocean Counties areas that means this program will only be available for borrowers with incomes up to $74,320
The standard 3% down conventional will still be available for all buyers.
The benefits of the HomeReady and Home Possible include some relaxed guidelines especially for income calculations. The most important benefits come … (1 comments)
While each of these bullet points are a topic unto themselves, I though it would be important to touch upon the positive changes we have seen over the past year that have made it easier to be approved for a mortgage. We have seen the reversal of some guidelines originally implemented during the financial crisis. With property values and loan performance at more stable levels, the “over the top” requirements as a result of the crisis are being re-evaluated. FannieMae is leading the way with Freddie closely following and GNMA lagging behind a bit:
Student Loan Debt: ¨ Income Based repayment is OK, even … (2 comments)
freddie mac: FNMA & FHLMC Limits Increase for 2018
- 11/29/17 09:15 AM
We have some more good news from Fannie and Freddie. Both have increased their loan limits significantly for 2018, The second year in a row after sitting stagnant for almost 10 years. This is a clear sign that housing prices have increase across the nation. The general loan limit for 2018 is up to $453,100 for a single family home which is a big step up from 2017's $424,100. Even better news is the high cost limit is up as well, just keep in mind that not all areas are eligible for the "high cost" figure. while most of NJ does fit into the high … (0 comments)
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