fannie: How to Sell More Homes Using This New Fannie Loan? - 01/11/16 03:49 AM
Do your clients qualify for the brand new, HomeReady(r) loan.  
It's probably the best 3% downpayment loan out there today--because they've eliminated the strict downpayment documentation.  
Here are the deails to ask your lender about and here's a link to an interactive map.  Just enter the address of your listing to see if the property qualifies.  If it does, be sure to mention that the property qualifies for Home Read on your listing info section.
Oh, and here's the scoop about the loan program.  If your lender has not heard about it (because it's so new) share this blog with them … (4 comments)

fannie: Government's New Rules--Short Sales to Get Approved Faster - 05/14/12 10:52 PM
Why You Need to Know About the New Rules for Faster “Short Sale” Turn Around Times! 
The horror stories are everywhere.  Short-sale approvals have dragged on and on.  Borrowers and real estate agents don’t hear a peep from anyone.  Clients give up and let the home go into foreclosure. 
That’s all in the past (we hope) and the new short-sale timeline process has changed effective June 25, 2012. 
Fannie Mae and Freddie Mac have introduced policies to expedite the pre-foreclosure sale process.
Now, mortgage servicers must follow the policies outlined for all conventional mortgage loans held … (4 comments)

fannie: I'm going to be quoted in the New York Times...will you? - 10/22/10 08:57 AM
I'm going to be quoted in the New York Times...
The reporter was looking for information about Fannie's Loan Quality Initiative that's responsible for delayed closings (or worse yet, canceled deals) just before closing.  As many of you know, I also write about mortgage rule changes thru and she found other posts that I wrote on
That's how she found me...
So I wanted to share what I said...If you've been on the receiving end of a delayed or canceled closing, here's the scoop...and the questions she asked:
Are lenders requiring a new credit report before closing?
They … (3 comments)

fannie: Fannie Playing One-Upsmanship with Freddie On Foreclosure Incentives--Take Another Look! - 10/18/10 07:09 AM

Yeah...There are lots of Fannie and Freddie Foreclsoure Listings out there, right? And since Fannie is playing one-upmanship with Freddie right now--you might as well take advantange of the games (oh, I mean incentives) they are playing! 
Fannie wants their foreclosures to stand out above the crowd...with new incentives!
Fannie wants their foreclosed homes to stand out above the crowd and they are offering some pretty cool incentives for real estate agents to sell them by the end of the year. 
Here's what Fannie has going on: 
Special financing - 3% down payment Will pay 3.5% of buyers closing costs $1500 … (1 comments)

fannie: Financal Purgatory Til Loan Closes - 08/17/10 11:37 AM
This is a Game Changer Folks! 
Borrowers are in "financal purgatory" until one minute AFTER closing because Fannie just announced that mortgage loans may have to re-underwritten if the back end ratio exceeds 45% OR (yes, it's an OR) the back end ratio increases by 3%  (or more) from the original ratio. 
Yeah, what that means is that even if they had a 38% total debt-to-income ratio, they added new debt (or income was reduced for some reason), and the new ratio is 41%, the new loan/loss of income must be documented and the loan must be re-underwritten prior to closing. 
While this "officially" does … (0 comments)

fannie: Fannie Scares The Appraisal World - 07/12/10 07:38 AM
Finally, Fannie has some reasonable solutions for the appraisals that are just plain AWFUL...and their recent announcement, I think, gives credence to the complaints about HVCC and AMC's!
It officially goes into effect on September 1, 2010, but I've heard that some appraisers are implementing now.  Here are just a few:
1. Cannot use appraisers who are not familiar with geographic area, or does not have access to local data sources; or lack of experience with property types--keeps the out-of-state/county appraisers away! 
2. For Gawd Awful appraisals, Fannie will require a 2nd appraisal/field review.  Will ask for detailed explanation regarding comps used … (2 comments)

fannie: Fannie Makes is Easier to Get Loan for People with Short Sale/Deed In Lieu - 05/17/10 03:56 AM
Search your database for past clients who fall under this catetory--Deed In Lieu or Short Sale--because it just became easier to be approved for another loan.
Fannie never had an official policy about how they would treat people who had a short sale or a deed-in-lieu of foreclosure in their past.  Well, SEL 2010-05 spells it out for you.  Basically, they have 3 waiting options and 3 down payment options. 1. 2 year waiting time and 20% down; 2. 4 year wait and 10% down; 3. 7 year waiting time and 5% down.  Effective 7-1-10.
Extenuting Circumstance Rule (for those who … (3 comments)

fannie: Good News For People Who Sold "Short Sale" and Want to Buyer Another! - 05/11/10 07:35 AM
Fannie never had an official policy about how they would treat people who had a short sale or a deed-in-lieu of foreclosure in their past.  Well, Fannie's SEL 2010-05 spells it out for you. 
If a person gave back their home to the lender, prior to it going thru the long foreclosure process, Fannie says they will consider giving another loan after 2 years, a maximum of 80% LTV (20% down payment) and re-established credit. 
If home was a short-sale, it's 4 years, and 90% LTV (or 10% down payment) OR 7 years and minimum down payment. (5%).  It's the time … (3 comments)

fannie: How Do you Know If It's a Condo... - 04/26/10 07:13 AM
How do I know if it's a Condo?
Because of the recent changes to the condominium approval/review processes it is absolutely imperative that you understand what type of property you are dealing with BEFORE you move forward with listing or selling a property.  Condominiums present financing challenges better addressed at the beginning of the transaction, as opposed to later.  For example:  There's no point writing up an offer at midnight for a VA buyer when this project isn't on the VA approved list and the project wouldn't qualify for VA approval even if it was submitted to VA for review.
Condominium … (0 comments)

Karen Deis, When In-house training is not enough!  (

Karen Deis

When In-house training is not enough!

Minneapolis, MN

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