Automatic credit monitoring during the loan process is now in effect! This is a potential minefield: No applications, new, or more credit during the loan process! See below. /// Overall market activity may be low, but fix and flips are popular. Go here to price a scenario. If you want to consider a secured fix-flip investment, contact me. /// Short newsletter this week... Make it a good one folks! - Paul
Credit monitoring during loan process in effect
All lenders now need to comply with the a Fannie Mae credit monitoring initiative. New credit inquiries, account balances, and new trade lines are automatically reported during the loan process, triggering automatic new (prior to close) loan conditions. Needless to say: This is a potential minefield! It can result in delays, affect the rate, or worse: result in loan denial! Please remind your clients: NO APPLICATION FOR CREDIT and NO INCREASES IN ACCOUNT BALANCES. (Unfortunately that new fridge or couch will have to wait until after the close!).
Where prices are most likely to fall or rise in 2011
FORBES: 35 out of 50 main market are expected to decrease this year - and 15 markets are expect to rise. Read article.
Useful Links
- My Mortgage Handbook for RE professionals
- Get pre-qualified/apply online
- Request pricing for a fix-flip scenario
" A dream you dream alone is only a dream.
A dream you dream together is reality"
- John Lennon (1940-1980)
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