mortgage guidelines: Foreclosure, Bankruptcy, and Waiting Periods, oh my! - 10/14/18 03:11 PM
Can I get a Mortgage after Bankruptcy or Foreclosure?
     Foreclosure and bankruptcy are  never fun things to discuss.  When it comes to a home, financial problems can turn shelter and a place filled with family memories into a source of stress and anxiety.  Although we advise people do everything within their power to avoid foreclosure, there is light at the end of the tunnel after a major credit event like foreclosure or bankruptcy, and the good news is, the tunnel isn’t as long as many people believe.
     To start, there are programs already out there (with more popping up … (25 comments)

mortgage guidelines: Conventional Loan Blessing, or Much Ado About Nothing? - 07/14/17 02:54 PM
Conventional Loan Blessing, or Much Ado About Nothing?
     Recently, there's been a lot of talk about Fannie Mae's increasing debt-to-income threshold, along with changes to credit reporting that should reduce the number of folks effected by judgments and liens when it comes to a mortgage application.  This is being promoted as big news across a wide spectrum of housing news outlets, and for good reason - from 2008 through 2015, there was little, if any, positive news coming from the mortgage world.  Loans were getting tougher to get, guidelines were stiff, many people were denied, and the stack of documentation … (18 comments)

mortgage guidelines: What Documents Do I Need to Get a Mortgage? - 04/03/17 04:36 PM
What Documents Do I Need to Get a Mortgage?
     One of the most confusing, and often times frustrating, parts of buying a new home or refinancing an old mortgage loan is submitting all of the documentation required by lenders.  If the last time you got a mortgage was pre-TRID, pre-SAFE, pre-Dodd-Frank, the differences in the process can be shocking, demanding, and downright frustrating.  But they don't have to be.  In another blog, I outlined the loan process and what is generally involved.  Knowing how the mortgage process works is step 1 in a frustration-free application, and knowing what documentation is … (21 comments)

mortgage guidelines: Another "Agency Direct" Bonus - 11/06/14 02:07 PM
Another "Agency Direct" Bonus
     One of the loan products I love being able to offer is our agency-direct product.  We sell these loans directly to Fannie Mae and/or Freddie Mac, and because of this, there are NO investor overlays.  There are many, many benefits to a lender having this ability, and in the past I wrote a blog about some of the things we can do with our Fannie Direct program that many other lenders cannot. 
     Though I do a pretty good job of keeping up on my loan products and knowing everything … (8 comments)

mortgage guidelines: New Fannie Mae Guidelines -DU 9.2 - 10/17/14 02:18 AM
New Fannie Mae Guidelines - DU 9.2
     There is a new version of Fannie Mae's automated underwriting system (AUS) coming out, and as of December 15 all new loan files packaged for Fannie Mae will be run through this new system (version 9.2).
     While most guidelines remain in effect, and this shouldn't really change many people's plans, there are a couple of changes worth noting.
Cash-out LTV reduction
     For primary residences, currently borrowers can do a cash-out refinance up to 85% LTV for a new fixed rate mortgage (75% for an ARM) on a … (9 comments)

mortgage guidelines: Fannie Mae Guideline Changes - Seasoning on Mortgage in Bankruptcy - 07/30/14 03:32 AM
Fannie Mae Guideline Changes - Seasoning on Mortgage in Bankruptcy
     In a rare event of loosening guidelines, Fannie Mae has issued guidance on changes that will have a positive impact on people who have had a mortgage included in a bankruptcy. 
     In the past, if a mortgage was included in bankruptcy and a lender proceeded to foreclosure to recoup their losses, borrowers were held to foreclosure seasoning guidelines, meaning they could not obtain a new conventional loan until 7 years after the foreclosure event. 
     Under the new guidance, effective … (23 comments)

mortgage guidelines: What are 'reserves'? When are they important? - 07/23/14 07:18 AM
What are reserves?  When are they important?
What are reserves?
     Reserves, in the mortgage industry, refer to a borrower's assets AFTER the closing of a new loan.  Basically, if the borrower were to lose all income, how much in reserve do they have to continue to make mortgage payments.  Reserves differ from assets, because while some reserves are assets, not all assets are considered reserves.
     Generally speaking, reserves are assets which a client can get access to and pull from.  It can get complicated when talking about some types of assets such as retirement … (5 comments)

mortgage guidelines: Fannie Mae post-shortsale guidelines changing - 07/07/14 06:44 AM
Fannie Mae post-shortsale guidelines changing
     With the updated release of Desktop Underwriter (DU)  to version 9.1, Fannie Mae has implemented some changes to  the automated underwriting system, which should be followed by changes to their selling guide, and therefore the guidelines of every lender in the industry that underwrites conventional loans.
The pertinent changes are:
Foreclosure with less than 7 years seasoning (good news)
     If a borrower has had a foreclosure withing the previous 7 years from the date of application, it will now be possible to receive an approval through automated … (7 comments)

John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) Ambassador large

John Meussner

#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Walnut Creek, CA

More about me…

Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,

Address: 23441 S Pointe Dr, Ste 110, Laguna Hills, CA, 92653

Office: (949) 247-7530

Mobile: (484) 680-4852

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