freddie mac: 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)

freddie mac: Freddie Mac First Look Initiative Gives Homebuyers the first chance on Foreclosures - 11/05/10 07:26 AM
Freddie Mac recently announced the "First Look Initiative" program.  This program is in conjunction with their HomeSteps program.  The advantage to this program is that Freddie Mac allows homebuyers to negotiate to buy a Freddie Mac foreclosure without competition from investors.  For the first 15 days of a listing Freddie Mac will only accept offers from buyers who plan on occupying the home.  For More information check out: First Look Initiative. 
Don't forget the other advantages to buying a Freddie Mac Foreclosure.  Under the HomeSteps program you can receive a free 2 year home warranty and 30% discount off appliances.  … (2 comments)

freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

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David Krichmar

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