Top 3 Industry Updates that will make you more valuable to your clients and referral partners! By Shanna Wroten-Tucker
As a loan originator, we get mortgage rule and regulation updates all the time. What I want to share with you are a few updates that can potentially make you some money or provide valuable information to your referral partners. Here are 3 recent changes:
Tip # 1-Fannie Offers a re-financing cash for buyers who paid cash for eitehr a primary residence or investment property. They have eliminated the 6 month waiting period as long as certain conditions have been met.
Tip #2-New REO incentives for Fannie Mae foreclosures-So, Fannie extended their $ 3500 buyer closing cost incentive until October 31st., but they've added a $ 1200 selling bonus this time around. It must be requested by the agent in the original real estate offer.
Tip #3-Potential decrease in FHA Loan Limits-Just a heads up that FHA published a list of counties where they are proposing that the maximum loan limits may be decreases as of October 1, 2011. The proposed limit for both Ada and Canyon counties is potentially being lowered from $ 303,750 down to $ 271,050. The reason they publish this early is to give us time to "appeal" the decreased dollar amount. Knowledge is Power..