freddie mac: How much money do I have to put down to buy a house? - 04/10/11 04:47 PM
A prospective client recently said to me that they heard that you need 20% down to buy a house these days. My response was a calm, collected, professional-sounding "you only need 3.5% if you qualify for FHA, other than that, sometimes 5-10% is sufficient." This was my response, of course, AFTER I initially said, "(GASP!) WHAT?? Who is going around spreading such VILE rumors?!"
My knee-jerk reaction, while tongue in cheek, is based on my incredulity that millions of Americans still believe that you need 20% or more to purchase a home.
They may not be that far from the truth if … (0 comments)

freddie mac: Fannie and Freddie's Home Valuation Code of Conduct on the way out? - 11/02/09 04:13 AM
Saturday's Washington Post published an interesting article about Fannie and Freddie's Home Valuation Code of Conduct.
Apparently the House Financial Services committee approved an amendment on October 22 that would eliminate the code with the creation of a new Consumer Financial Protection Agency.
The code, as it exists today, was a compromise between NY Attorney General Andrew Cuomo and Fannie and Freddie and their regulatory agency the Federal Housing Finance Agency. Cuomo was investigaing the two pseudo-governmental agencies appraisal practices. Lenders putting pressure on appraisers to quote the right numbers and inflating home values to make deals happen was being reported … (0 comments)

freddie mac: Fannie Mae launches Loan Lookup Tool for Loan Modification or Refinancing Options, Making Home Affordable - 03/20/09 02:57 AM
There is a new tool that will allow homeowners to find out whether or not they are eligible to participate in the "Making Home Affordable" programs for loan modification and refinancing.
This program is part of the $75 Billion "lifeline" that President Obama has pledged to struggling homewoners.
Homeowners can either qualify for refinancing or loan modification.
Refinancing is for those who are current on their mortgages, but who are struggling to make their monthly payments.
Loan modification is for those who are falling behind on their payments either because of loss of income or a higher interest rate.
www.MakingHomeAffordable.gov will … (0 comments)