There are new Fannie condo rules. If you think it will make things easier you will be disappointed.
Details. FHA is also introducing new rules. More on those next week. ///
Rates are still edging downwards. /// Time will soon be running out for November closes (tax credit)!! /// Make it good week folks! - Paul
Credit score fixes - the basics
1. Credit repair - a long-term fix to permanently increase scores (75 days)
2. Rescoring - a quick fix to qualify for a loan or better rate (5 days)
Either fix (or a combination) can deliver increases over 100 points. For further information, please contact me.
Avoid stipulating mortgage and closing dates
I recommend not defining mortgage and closing dates upfront to avoid a self-created time crunch. You could define the time frame as "x days following receipt of the signed, accepted purchase contract" or something like that.
Long-term rates remain low, increasing affordability
"The 30-yr fixed is down from 5.04% to 4.94% with 0.7% fees and points this week.
Freddie Mac rate surveys
Manhatten market stabilizing
Though Manhattan home prices continued to fall this past summer, a surge in sales activity coupled with a decline in the number of properties on the block show the market could be turning a corner. Read more.
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services.
Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
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"A billion here, a billion there,
and pretty soon you're talking about real money."
Everett Dirksen (1896-1969)
;)
;)
Do you think they will extend the tax creidt?