fannie mae: Conventional Loan Change for Those Affected by the Govt Shutdown - 01/18/19 10:01 AM
Quick update, Fannie Mae just came out and made a temporary change to mortgage guidelines for those borrowers that are affected by the Govt Shut down.  This change would be for those not working due to the govt shut down.  Here are the specifics:
       This change is for all conventional loans except for High Loan to Value refinances.  So it will affect, purchase loans.         The borrower will now need 2mths of Reserves(aka 2 mortgage payments) or the amount required per Fannie Mae’s mortgage automated approval system.   Long story short many loans do not require any reserves, so this change … (0 comments)

fannie mae: The Appraisal Waiver For Mortgages is Back, Sort of. - 07/12/17 07:40 AM
Recently Fannie Mae changed the rules on how you may qualify for a Property Inspection Waiver. Otherwise known as an “appraisal waiver”.  This is where an appraisal is not required as long as the Fannie Mae(conventional loans) approval says it qualifies for a Property Inspection Waiver.   This is really based on the approval system agreeing with the estimated value on the loan application.  Here are the parameters to qualify for it:
One-unit properties, including condominiums Principal residence, second home, and investment property transactions Limited cash-out refinance transactions up to a 90% LTV/CLTV for principal residences and second homes; up to 75% … (0 comments)

fannie mae: New Max Loan Amount for Conventional Loans in the Houston Area for '17 - 11/30/16 08:47 AM
For the first time in a long time, Fannie Mae is increasing the max loan amount for conventional loans in the Houston Area. The current loan amount is $417k, beginning Jan 1 of 2017 the max loan amount will now go up to $424,100.  Here is the link to Fannie Mae’s announcement.  This is fantastic news and call me with any questions. 

fannie mae: The Appraisal Form 2055 or 2075, Could Save Your DEAL! - 06/12/12 09:04 AM
In this market, it is important to know every mortgage program possible.  So you can be quick to come up with a plan for problems.  When there are some issues to think about: no flooring, dry wall issues, foundation problems, etc.  How would you get around these, when any lender would require them to be repaired?  Ask the Seller to repair them, maybe…..  but good luck.  One way to answer this problem is the Appraisal Form 2055 or 2075.  Let’s go over a short explanation of both:
2055- This form is a little shorter then Appraisal form 1044(the full complete appraisal) … (3 comments)

fannie mae: MAJOR ANNOUCEMENT: Conventional loans now need 7yrs from a Finished Foreclosure to get Approved - 01/11/12 07:37 AM
In a recent move, Fannie Mae and Freddie Mac changed their guidelines in regards to foreclosure history.  Now on all conventional loans no matter the loan to value or down payment amount, the borrower must be 7 years removed from a foreclosure.  This changed from the 4yrs that were needed based on a 20% down payment and longer time periods needed for lower down payments.  This does not affect FHA loans, luckily.  As they only require 3yrs removed from a foreclosure. 
Keep in mind this can affect clients who had a short sale transaction in their past.  As many short … (0 comments)

fannie mae: What are My Options for Getting a Mortgage on a Condo? FHA, VA and Conventional - 07/20/11 05:02 AM
If you are interested in buying or refinancing a Condo, you need to know your mortgage options and requirements.  Unlike when you want to buy a regular home, condo's have more restrictions and requirements.  Here are the explanations for Condo financing for FHA, VA and Conventional Loans:
FHA- If you want a FHA loan and plan on buying or refinancing a Condo, the Condo must be FHA Approved.  Instructions on how to verify if a Condo is FHA approved.  Also Make sure that you look at the comments section, for any other information.  The owner occupancy rate must also be 51% … (0 comments)

fannie mae: Fannie Mae trying to sell even more homes with $1200 incentive to Realtors!! - 06/14/11 01:51 PM
Fannie Mae has once again come up with a GREAT idea to move more of their inventory of foreclosed homes.  They are now offering a $1200 incentive to realtors to sell their homes.  Some rumors are circulating, saying that this is because more Fannie Mae foreclosures will hit the market soon.  And this incentive will make room for the coming foreclosures.  Fannie Mae has come up with other great ideas to help sell their foreclosures, they off First Look program which allows only buyers that will live in the home to make an offer in the first 15 days the home is … (2 comments)

fannie mae: What is the Homepath Morgage Program? Fannie Mae Foreclosures - 01/27/11 09:17 AM
The HomePath Mortgage Program is a GREAT program if you are looking to purchase a  Fannie Mae foreclosure.  The HomePath program is only for Fannie Mae foreclosures.  The benefits are:
No mortgage insurance- this allows you to buy more home and/or have a lower mortgage payment No Appraisal- this saves the buyer the cost of an appraisal.  More importantly it allows your buyer to buy a home that may need some minor work/repairs.  Fannie Mae wants to sell these homes and by not requiring an appraisal it allows the home to get financed without having to fix any issues Down Payment is as little … (8 comments)

fannie mae: Are you trying to Avoid Foreclosure? - 08/04/10 01:28 PM
Fannie Mae has recently come out with a great website if you are facing foreclosure.  This website is very helpful if you do not know where to start.  Some of the helpful options on the website are:
Options to Stay in Your Home Options if you want to leave your home How to avoid Scams Find out if Fannie Mae owns your mortgage and how they can help  
Even if your Mortgage is not owned by Fannie Mae, this website still has very helpful information.   While everyone's situation is different, this website is very helpful on … (0 comments)

fannie mae: Disputed accounts on Your Credit Report are now a problem! - 05/25/10 03:46 AM
Recently, Mortgage Underwriting Guidelines have changed.  You can no longer have a disputed account on your credit report and get approved for a mortgage.  It must be removed, in order to get approved.  When you have a disputed account it is taken out of the scoring model, causing the underwriter to not get a fair and complete picture of your credit situation.  You must get this disputed account removed before the file goes into underwriting or before you can close on your mortgage.  Keep in mind the process of removing a disputed account can take 30-60 days.  Here is my suggested … (4 comments)

fannie mae: As of June 1st, a credit report will be pulled right before closing. A MUST READ! - 05/17/10 02:54 AM
Fannie Mae has announced that as of June 1st a new credit report will be required before closing.  This is so the underwriter knows if any new credit was opened or applied for.  If a new credit pull or inquiry is found, it will need to be documented.  Keep in mind that this will be painful since it may take days to track down the proof it was or wasn't opened.  And also what the payment of this new credit account is.  Since this credit check is happening right before closing a worse case scenario is the closing being delayed.  Or … (5 comments)

fannie mae: Fannie Mae is getting tougher with Buyers who have past Foreclosures and want a new Mortgage. A MUST READ - 04/15/10 03:44 AM
Fannie Mae has recently changed their guidelines for someone with a past foreclosure, short sale or pre-foreclosure.  In short, if your buyer(s) had a foreclosure, sold the home before foreclosure and the process had started or a short sale this affects them. Here are the changes:
If your buyer had a foreclosure 2-4 years ago they are limited to a 80% ltv(20% down payment If they had a foreclosure 4-7 years ago they are limited to 90% (10% down payment) If the foreclosure was over 7 years ago then they qualify for the max financing  
Please keep in mind … (0 comments)

fannie mae: Short Sale Transactions to get easier April 5th - 03/23/10 05:44 AM
HAMP(also known as HAFA) stands for Home Affordable Modification Program.  HAMP has addressed new rules for short sale transactions that are owned by banks(not Fannie Mae and Freddie Mac).  Keep in mind HAMP has been a failure for helping home owners modify their current mortgage, so far.  Lets hope this program makes short sale transactions easier.  Here are the new rules(guidelines):
Uses borrower financial and hardship information already collected in connection with consideration of a loan modification. Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).  This should make life much easier! … (5 comments)

fannie mae: Home Affordable Refinancing Program Deadline Given One Year Extension - 03/05/10 08:52 AM
This is great info, that i wanted to pass along.  Call me today if you live in Fort Bend County, Harris County or any where in Texas and are interesting in having this program help you.

HARP Deadline Given One Year Extension
The Federal Housing Finance Agency stated today that the Home Affordable Refinancing Program (HARP) would be exptened for one more year. The program which is in place to assist homeowners with Fannie Mae or Freddie Mac loans with little or no equity in their homes. The program assists homeowners to refinance into lower interest rate mortgages, even … (0 comments)

fannie mae: Buy a Fannie Mae Foreclosure and Fannie Mae will pay for new appliances for the buyer!! - 02/11/10 07:33 AM
Yes, its true.  When you buy a Fannie Mae foreclosure, Fannie Mae will pay for new Whirlpool appliances for you.  Here are the rules:
The Contract must be signed after Jan 28th You must close and fund on the home by April 30th or before Fannie Mae will pay up to 3.5% of the sales price toward New Whirlpool Appliances.  And will deliver them to the Buyers This is not part of the seller paid closing costs.  You can still have them pay up to 6% depending on the LTV You must request this during the negotiation of the sales price.  … (2 comments)

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David Krichmar

Sugar Land, TX

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Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!

Office: (832) 689-6012

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