Mortgage Update

Mortgage Ready? New credit reports required just prior to funding (which can nix your loan or rate right there), explanation letters for recent credit inquiries, FHA thin credit policy (see below) - and a few more items that can have a big impact.... I now we need to go beyond pre-approvals to ma...

Cash is king.  I see many good investment opportunities that I cannot finance because more cash is required. If you have the cash and are looking for opportunities, let me know - maybe I can match you up. /// Reminder: FHA seller concessions are due to go to 3%. See below... /// Post tax credit v...

Fannie Mae tightens again:  Last week Fannie announced that it plans to require borrowers using interest-only mortgages to put down 30%. This week it announced new qualifications for the 5 year ARM at the note rate +2%. Also - get this - we will need to run the credit report again just before clo...

I cannot say it enough:  You can ill-afford not to close tax credit deals by June 30th. Plan on closing by June 18 to give yourself some slack. /// Thank you Greece (and Spain, and Portugual). The European debt crisis causes a flight to US Treasuries, which in turn reduces our rates. No long-awai...

The tax credit purchases have been made. If you need a 203k loan, do not delay. They take 45-60 days to close! Actually, better safe than sorry - do not delay anything. Tax credit deals need to close by June 30th. /// Rates are flat. Fortunately the long-awaited rate increases have not materializ...

Deadline for tax credit deals is this week! You need to be in contract by April 30 and close by June 30th. Details. /// "Fixed rate loans were pretty much unchanged this week, while ARMs flucutated" said Frank Nothaft, Freddie Mac vice president and chief economist. Rate survey. /// Make it a goo...

Rates eased a little this week. "After rising for 4 consecutive weeks, mortgage rates eased back to where they were 2 weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist. Rate survey. /// 2 weeks left to get into contract to get the tax...

Certifications are key to getting a mortgage for a condo, and have become both tougher and easier to get.  Spot approvals for mature projects are still available for conventional loans, but for FHA loans they have been eliminated. Conventional and FHA project certifications have been delegated to...

Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole. 10 Questions You Must Ask Before Purchasing A Condominium Unit To borrow from a famous phrase, not all condominiums...

FHA condo approvals have always been difficult - No longer! Prospect Mortgage can now certify properties. (See below). /// On April 4th the FHA upfront mortgage insurance premium (UFMIP) is increasing from 1.75% to 2.25%. Contact me right away with any deal that requires an FHA loan. /// To get p...