fannie mae: Can You Buy A House With A Tax Lien
- 05/22/18 11:12 AM
For the last 30 plus years I’ve been a Lender we could not make a loan to anyone who had a tax lien attached to their credit report. But what if it isn’t a lien, what if you just OWE the Federal Government money? Can you buy a house with a tax lien, or a tax liability? The PROBLEM with owing taxes and buying a house, is that you can’t get Title Insurance. I’ve been reading all of the questions on various forums, and consumers are saying you CAN buy a house with a Tax Lien, and Lenders are saying you can’t… but … (0 comments)
fannie mae: First Time Home Buyers with Student Loan Debt
- 11/01/17 08:05 AM
There are some new guidelines coming in January for First Time Home Buyers with Student Loan Debt. In January of 2018 Freddie Mac will begin requiring us to count either your Student Loan payment, OR .5% of the balance, which ever is higher This is a change from the current guideline that allows us to consider the payment that is reported to the Credit Bureau. We haven’t been able to count a $0 payment, but if you were on an IBR schedule with a payment of $21 on a $22,000 loan, we could count the $21 in your debt to income calculation. … (1 comments)
fannie mae: New Appraisal Guidelines from Fannie and Freddie 6-30-2010
- 07/07/10 11:23 AM
On February 15, 2010 The Federal Housing Administration adopted new appraisal guidelines that include "geographic competency" requirements. Effective June 30, 2010 Fannie Mae adopted similar requirements, a move that we think is important. The HVCC ruling came from NY Attorney General Cuomo and it is intended to protect appraisers from coercion from lenders. Since May of 2009, large banks have been using the HVCC (Home Valuation Code of Conduct) as a way to create "revenue" centers. Because the ruling prohibits lenders to SPEAK to an appraiser (or email, txt whatever) Big Banks set up "companies" that collect (for instance) $450 for an appraisal, and then pay the … (43 comments)
fannie mae: New Fannie Policy Could Mean Last Minute Problems
- 05/26/10 03:42 AM
For the last 18 months most lenders have added additional "Quality Control" in the mortgage process between Underwriting and Funding. Many of those same Investors require the tax transcripts pulled prior to the loan being submitted for Underwriting, and they perform additional Automated Appraisal Valuations on each file - again as a Quality Control measure... trying to get rid of Fraud. In an Announcement earlier this month, Fannie Mae made it clear to Lenders that they need to do more to determine "Undisclosed Liabilities." In particular, Fannie suggests the following: Refreshing a credit report just prior to closing may uncover additional … (9 comments)
fannie mae: Mortgage giants Fannie Mae and Freddie Mac on death row?
- 01/25/10 11:14 PM
This is a subject I follow pretty closely because it will be the NEXT change for lending. The REAL question IMHO is what will set the course going forward? If we do away with Fannie and Freddie - fine... But what will we use to "measure" that a loan in Las Vegas is the same quality as a loan in North Carolina? Because without that "measure of quality" why would an Investor purchase the MBS paper?
House honcho Barney Frank feels that it's time to let these two GSEs, the home loan superstars that have for a long time dominated … (0 comments)
fannie mae: Do We Need The $8000 Tax Credit Extended? A Comprehensive View
- 10/22/09 04:30 AM
I've just spent several hours reading about the Economy and here's what I've come up with (Sorry it's so long): The Fed Released the Beige Book, on October 21, 2009. It begins with this statement: "Reports from the 12 Federal Reserve Districts indicated either stabilization or modest improvements in many sectors since the last report, albeit often from depressed levels. Leading the more positive sector reports among Districts were residential real estate and manufacturing, both of which continued a pattern of improvement that emerged over the summer. Reports on consumer spending and nonfinancial services were mixed." Well, that's not too surprising … (42 comments)
fannie mae: Bernanke Makes Underwriting Changes
- 07/14/08 06:41 AM
Can we talk? Look, today there's BIG BIG news going on. BIG NEWS. Fannie and Freddie and Lehman and IndyMac and WaMu and National City - it's the biggest day for financial information and financial stocks we've had in a loooong time. But there's MORE big news... and FRANKLY... there's a ton of WHINING going on with that news. July 14 (Bloomberg) -- The Federal Reserve tightened its mortgage rules by requiring lenders to determine a borrower's ability to repay and barring other practices that led to the collapse of the U.S. housing market. The Fed Board of Governors voted in Washington … (10 comments)
fannie mae: Does Wake County Care if Fannie Belly Flops??
- 07/11/08 06:54 AM
Secretary Paulson and Bernanke followed each other speaking on Capitol Hill. In his prepared speech to the House Financial Services Committee, Sec. Paulson made these comments about Fannie Mae (FNMA) and Freddie Mac (FHLMC)... "Their regulator has made clear that they are adequately capitalized." Paulson said the two government sponsored enterprises are "working through a challenging period." Yeah, I can see where losing 70% of your stocks value this year would be challenging! But if you don't own STOCK in Fannie and Freddie - does it really matter to the average citizen in Wake County? I would argue that it does. Since the … (2 comments)
For the last 30 plus years I’ve been a Lender we could not make a loan to anyone who had a tax lien attached to their credit report. But what if it isn’t a lien, what if you just OWE the Federal Government money? Can you buy a house with a tax lien, or a tax liability?
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