FHA, Fannie Mae, and Freddie Mac in Gilbert - Loan changes are on there way!

FHA, Fannie Mae, and Freddie Mac in Gilbert - Loan changes are on there way!

I recently attended a Real Estate seminar with like minded successful Real estate agents

to get the up to date information on the Wall Street Reform and Consumer Protection Act

AKA the Dodd Frank Bill in regards to FHA, Fannie Mae, and Freddie Mac in Gilbert and our

surrounding area. Here are a few of the proposed requirements for High Quality private loans.

 

1. Loan will have to have full documentation.
2. Fico score of 690 or higher
3. No current lates
4. No 60 day lates within last 2 years
5. No collections within last 3 years
6. 3% caps on Lender points and fees
7. No Prepayment penalties
8. Limits on Ballons and arms
9. Has to be a Primary Residance
10. 28%/36% Debt to Income Ratios
11. 20% down Payment for purchase

FHA, Fannie Mae, and Freddie Mac in Gilbert are going to be about your only choices for buying

a home unless you have served in the Military or want to buy a home further out to qualify for USDA.

They are talking on having a final vote by the end of 2011 and it will go into effect within a year.

 

Loan limits are due to be adjusted as well and home prices have fallen dramatically, so if you are

on the fence about buying, now is the time to contact me... I am always available at

480-899-2284 if you would like some professional Real Estate advice! You can always visit me at

www.azhomestore.com Don't let the Government restraints make you feel like you are in jail and can't buy a home!

 

Here is a Video interview so you can see who I am and what my Vision is:

NEW! FREE Arizona Personal, Password Protected Buyers Homefinder website at: www.azhomestore.com Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!