Real estate blog entries tagged with underwriting guidelines

Blog entries tagged with "underwriting guidelines":

underwriting guidelines: USDA - A Legitimate 100% Loan Program - From and Underwriter's Perspective - 09/18/08 05:17 PM

By invitation, I am re-posting this on the AR USDA Group page. Thanks for the invite!
With the tightening of lender guidelines and the shrinking of pocketbooks across America, USDA is growing in popularity among middle to low-income families and individuals. However, very few Mortgage Professionals know how valuable this program … (6 comments)

underwriting guidelines: USDA - A Legitimate 100% Loan Program - From an Underwriter's Perspective - 09/17/08 04:37 PM

With the tightening of lender guidelines and the shrinking of pocketbooks across America, USDA is growing in popularity among middle to low-income families and individuals. However, very few Mortgage Professionals know how valuable this program is and, even more importantly, don't know how to structure the loan for a fast and smooth … (2 comments)

underwriting guidelines: Changing Jobs Before Your Loan Closes? - 09/09/08 11:35 AM

Changing Jobs Before Your Loan Closes?
We had a borrower call us today and ask an excellent question that I thought you all could benefit from.
Q: Is it okay if I change jobs before my loans closes? I will have the same position, same title, and same responsibilities.
A: Historically … (0 comments)

underwriting guidelines: Shut the Door. Don't Slam It! - 09/04/08 06:31 PM

It's raining outside. The phones have been ringing. And I have my third file in the last two weeks where the buyer didn't qualify even after they were put through desktop underwriting. Why? Underwriting Guidelines are changing. Two Flat Guidelines are different then Three Flats. This last file the mortgage broker dropped … (10 comments)

underwriting guidelines: The importance of Fannie Mae and Freddie Mac - 08/24/08 04:24 PM

Fannie Mae and Freddie Mac not only insure mortgages, but they also create the lending guidelines that almost every lending institution in America abides by. So, even if a bank is not selling their loans to Fannie Mae or Freddie Mac, they surely are using the same underwriting tools and restrictions … (0 comments)

underwriting guidelines: New Changes at Fannie Mae RE: Using Investment Property Income to qualify - 08/21/08 06:10 PM

This just in from my underwriting department:
Fannie Mae announced a information regarding their policy on renting out a previous home to purchase a new home. The only way rent will be allowed (at 75%) is if that property has 30% in equity as determined by an appraisal. So, to use … (7 comments)

underwriting guidelines: Foreclosure Issues - 08/19/08 06:34 PM

Well uh..more bad news on the nations foreclosure forefront. Foreclosures are up 8% this month and 55% year over year. The top foreclosure state right now is Nevada with foreclosure activity hitting 1 out of ever 106 household an unbelievable number! The next state is my home state of California where … (4 comments)

underwriting guidelines: Nations Foreclosure Issues - 08/19/08 06:32 PM

underwriting guidelines: In Pictures : Mortgage Guidelines Get Tough For All Borrower Types -- Quickly - 08/13/08 05:30 PM

It's not your imagination -- getting approved for a home loan is becoming increasingly more difficult.
Taken from the Federal Reserve's quarterly survey of 84 banks, it illustrates the changing dynamic of mortgage guidelines.
Most notable is the steep curve for "prime" mortgages, a type of home loan given to applicants … (4 comments)

underwriting guidelines: Changing Mortgage Guidelines Impact Buyers Of Second Homes And Investment Properties - 08/02/08 12:21 AM

Conforming mortgage guidelines are the Home Loan Rule Book, delineating between applicants that approved for a mortgage and those that do not.
Effective today, the rule book just got a little bit tougher.
According to Fannie Mae, homeowners converting their primary residence into a second home or investment property will be … (0 comments)

underwriting guidelines: Condo Trouble -- When the Board Takes the Building Hostage - 06/03/08 11:18 PM

This could have been an easy and sweet success story from beginning to end. After he had been looking for different things in different neighborhoods, my buyer finally walked into the place that had it all: the right kind of building, the right floor plan, the right types of amenities, a … (9 comments)

underwriting guidelines: A True Story - 05/13/08 03:21 PM

You have priced your home to perfection. You have banished all the extraneous "junk." You have hired a stager so that your home shows like a model.
You have had broker tours and Open Houses.
Now, you have an acceptable offer. You've signed the papers. The appraiser has been thru the … (7 comments)

underwriting guidelines: Stunning New Underwriting Guidelines to Affect Condo Ownership - 05/01/08 12:54 AM

For owners of condominiums who want to sell or refinance, some stunning changes and challenges lie ahead. In market areas across the entire country, things are looking to get more difficult for condominium owners to sell or refinance a condominium.
Announced effective May 1, 2008, if you own a condominium in a declining … (61 comments)

underwriting guidelines: Mortgage Lenders Get "Once Bitten, Twice Shy" And Impose New Restrictions - 04/12/08 05:46 PM

Mortgage Lenders Get "Once Bitten, Twice Shy" And Impose New Restrictions
Getting approved for a conforming home loan is now tougher than before.
Again.
As home loan defaults mount, government-sponsored financier Fannie Mae has imposed new guidelines on what it will lend and to whom, highlighting the need for a strong credit … (0 comments)

underwriting guidelines: Fannie Mae DU 7.0 Release Notes - 04/03/08 09:41 AM

Well folks, here they are - the all new, all improved DU 7.0 version release notes.
What's New?
Basically, in true DU fashion Fannie is not saying exactly what the new tolerances are but here it is in a nutshell.
Debt to Income Ratios are going to be much more scrutinized. Higher DTI's will … (3 comments)

underwriting guidelines: Why Are Mortgage Rates Not Going Down? - 03/29/08 01:30 PM

As the first quarter of 2008 comes to a close, the credit crunch that began in the summer of 2007 is still raging affecting every corner of the globe. What started with the decline in value of Alt A and subprime loans, has now spilled over to include "prime" borrowers including … (0 comments)

underwriting guidelines: Flavor of the Year - 30 Year Fixed Single Scoop Plain Vanilla - 03/28/08 04:17 PM

Time to jump in the time machine and dust off the underwriting guidelines of old.
Radian is the lates MI company to tighten their underwriting guidelines to exclude high LTV's and Stated Income/Stated Asset loans.
Fannie Mae is set to roll out tighter underwriting guidelines during the month of May 2008. We have … (1 comments)

underwriting guidelines: Fannie Mae 100% and High LTV Loans - The good news is...... - 12/26/07 12:12 PM

Disclaimer: I am not proficient in the ways and workings of Government loans, FHA, VA - I do however, have extensive experience with conventional underwriting guidelines.
The purpose of this blog is to give you a quick Lending 101 overview of some of the more creative loans that are still available in … (11 comments)

underwriting guidelines: FHA Mortgages - The alternative to subprime and the credit crunch - 11/20/07 10:07 PM

For all those Realtors with clients having trouble getting financing for their purchases, make sure they check into an FHA mortgage. While there are loan limits, some deals can get done here in New York.
Currently New York City Metropolitan Area Loan Limits:
One-Family: $362,790Two-Family: $464,449Three-Family: $561,411Four-Family: $697,696
FHA financing is much more utilized … (0 comments)

underwriting guidelines: Rule #2 Down Payments...will all transactions require down payments? - 08/14/07 05:00 PM

Perhaps you've seen the ugly yellow sign in everyones yard. A few years ago they used to be more common, now you probably won't see one if you tried. Has 100% financing gone the way of the dinosaur? Did last weeks mortgage meltdown spell the end of all high LTV financing … (3 comments)

underwriting guidelines: The new rules of mortgage lending, RULE#1 INCOME - 08/10/07 06:56 PM

Times are tough in the mortgage business, but this correction or rough patch has been expected by most people in the mortgage industry for some time. Bank's can no longer offer speculative loans based on the assumption that the real estate markets will always continue to rise. Therefore foreclosure and deliquency … (0 comments)

underwriting guidelines: What Is This FULL DOC Thing Everyone Is Talking About??? - 08/07/07 12:06 AM

What we are hearing throughout the lending and real estate industry that as this spilt milk gets cleaned up lenders and GSE’s (Aunt Fannie and Uncle Freddie) are tightening their guidelines. One of the brawniest ideas I have heard is that we need to increase the number of loans we … (19 comments)

underwriting guidelines: If you need a stated loan, start worrying!!! - 08/03/07 04:14 PM

I stated in an earlier post that banks will begin tightening their underwriting rules. We'll that time is NOW! Anyone who is in the business needs to understand and understand NOW that stated loans are a thing of the past. If they do offer them they'll be at much higher rates...Stated … (6 comments)

underwriting guidelines: July 15, 2007 Home financing still easy to get - 07/31/07 06:51 PM

www.santacruzhomefinance.com
Despite some headlines to the contrary, the economy is doing fine and the mortgage market is alive and well. Our country's economic growth is steady, inflation is within the Fed's target range and at the current national unemployment rate of 4.5 percent, virtually everyone who wants a job has a job.
The … (0 comments)

underwriting guidelines: How to get the BEST APPRAISAL - 06/19/07 03:03 PM

Let's face it, for mortgage lenders this is critical. I'm certainly not saying it isn't important for the client or the Realtor,but here's the issues I face when preparing their mortgage.
I'm not an expert with assigning a value to a property. Without a doubt, the Realtor is much better prepared … (21 comments)

underwriting guidelines: Subprime Market News - 06/08/07 03:28 PM

Since the end of 2006, 82 subprime lenders have taken a crash.
The good news is that many subprime lenders remain. How does this affect you? Well, if you waited too long to close your deal you may no longer qualify. Guidelines are tighter and compliance is looking deeper into your application. … (4 comments)

underwriting guidelines: Pre-Approval Letters... - 11/24/06 03:41 PM

I will only work with with Buyers that provide a pre-approval letter.... I don't believe that a pre-approval is their ticket to getting into a home. I view it as the Buyer's good faith effort to buying a home / property. There is more to buying a property than a pre-approval … (39 comments)