fannie mae: How to Rock the 2023 Conforming Loan Limits!!!
- 12/01/22 08:46 AM
How to Rock the 2023 Conforming Loan Limits!!!
I ain't foolin'!
Even though there's been a whole lotta interest rate hikes in 2022. And even though there's been a whole lotta rumbling about home values declining in some areas, the FHFA will again be increasing the conforming loan limits into 2023.
This means that where the one-unit conforming limit was $647,200 in 2022, it will become $726,200 in 2023.
And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you may see the conforming limit go from $970,800 all the way up to $1,089,300.
Note that FHA and … (5 comments)
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fannie mae: For Those About to Buy a Home
- 11/06/18 07:07 AM
For Those About to Buy a Home
I started to get curious about Fannie Mae's HomeReady mortgage program when pricing out loan scenarios that could lean towards either conforming or FHA. I needed to get a sense of which would provide the better fit for the client. In so doing, this HomeReady program, about which I knew relatively little, kept splitting the difference. The age-old question loomed: Is the scenario a better fit for FHA with its lower interest rates, but higher and permanent mortgage insurance premiums, or is it a better match for conforming, with its higher rates but lower PMI … (6 comments)
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fannie mae: Let's Get Small Condo Projects
- 10/31/18 07:21 AM
Let's Get Small Condo Projects
San Francisco is known for its majestic Victorian and Edwardian homes, and residents and homebuyers in the city know that sometimes these massive dwellings get converted into condominiums. Not one's traditional idea of a condo project, what was once a majestic single family home is metamorphosed into a multi-level condominium project with three separate living units, for example. But small condo projects, typically defined as two to four units, can also be other than a colorful structure in the City by the Bay. In fact, we encounter them throughout California.
Financing a condominium unit in a small project … (6 comments)
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fannie mae: I'm from the IRS and I'm Here to Help...
- 07/06/18 12:25 PM
I'm from the IRS and I'm Here to Help...
Yes, that's right. The Internal Revenue Service wants to ride in like a knight in shining armor and help some of you close your home loans. Will you be the lucky beneficiary? Let's take a look at what, on the surface, seems to be "mission impossible." The IRS is only there to impede, to take from us and to delay, right? Not always.
From time to time, there are situations where a borrower is in the mortgage process and has both the down payment requirement and a Federal tax obligation. And, as you might … (22 comments)
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fannie mae: The Older I Get The More I Conform
- 12/10/17 08:40 AM
The Older I Get The More I Conform
If you know me, you know that I don't like to stick to convention. I was the teenager who skipped college, moved to Hollywood and played rock guitar. In my 20's, I saved up vacation time not for sandy white beaches but instead for expeditions to the harsh mountain environs of the world's highest peaks. In my 30's, I dove (literally) into the sport of triathlon --- an endeavor, to quote my Aunt Marge, that would be something she'd "rather die a thousand deaths" before contemplating. When I come to the fork in the road where … (6 comments)
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fannie mae: Can I Consolidate My Student Loans with My Mortgage?
- 05/31/17 05:48 AM
Can I Consolidate My Student Loans with My Mortgage?
Let's face it, buying a home is hard enough. But if you've been able to do so while still holding some of the debt accumulated during your college and post-graduate years, your life is about to get a little easier.
New cash-out refinance guidelines make it easier for homeowners with student loan debt to refinance and consolidate their educational loans along with their mortgage, so long as the following requirements are met:
At least one student loan must be paid off. Loan proceeds must be paid directly to the student loan servicer at closing. Only student … (4 comments)
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fannie mae: Your Mortgage on Steroids
- 04/03/17 07:35 AM
Your Mortgage on Steroids
If you are self-employed and attempt to get a mortgage, you know it's tough to get a fair shake. It seems like lenders never give the self employed the benefit of the doubt. But what if you could have just ONE great year, instead of two, and then qualify for the loan you need?
With baseball season upon us, I thought it would be fun to look back to the illustrious "steroid era" of the late 1990's and early 2000's to show us exactly how we can "juice" your application and take advantage of some of the totally legal programs … (0 comments)
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fannie mae: Non-Warrantable Condo Financing
- 03/20/16 05:44 AM
Non-Warrantable Condo Financing
The caps of our graduating class had barely wafted to the floor of the high school gymnasium when I packed up the old family car with my guitars, amps and all the naiveté a Midwestern teenager could muster and headed west to the glam metal capital of the world, Hollywood, CA. Years later, people still ask me, “What was the name of your band?” or “So how did you end up in the San Francisco Bay Area?” or the most laughably absurd, “Did you go to UCLA on a literary scholarship?”
Well, I’m going to have to leave the arena … (17 comments)
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fannie mae: CU Sooner Rather Than Later
- 01/23/15 11:34 PM
CU Sooner Rather Than Later
By now, most of us real estate professionals have become accustomed to the fact that things rarely stay the same for long in the mortgage industry. Not a month passes, it seems, where guidelines do not shrink or expand at the whims of our regulators, and certainly not a day goes by where rates do not fluctuate with the broader economic markets. So it should strike us as no surprise that the appraisal world we know will again be shaken up on January 26, 2015, when Fannie Mae’s Collateral Underwriter (CU) is implemented. Here is … (4 comments)
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fannie mae: What Is a Portfolio Loan?
- 03/13/14 10:30 PM
What Is a Portfolio Loan?
The other day a loan applicant asked me if he could get a portfolio loan. What struck me as unusual here was not the request, but the phrasing of the question itself. You see, I know that nobody is going to ask in this manner unless he/she has already been through the loan process and has been made privy to industry insight and jargon that would otherwise not be common knowledge. "This might make for an interesting blog topic," I thought, because if it's coming up here, surely others must wonder too. And you know what they … (4 comments)
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fannie mae: Killing Us Softly: Washington's Real Estate Revenge
- 12/11/13 01:16 PM
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fannie mae: When It Comes to Rates, Borrowers Don't Know What They Don't Know
- 09/16/12 12:41 AM
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fannie mae: Weekend Availability + Become a HARP Virtuoso
- 10/28/11 11:22 AM
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fannie mae: Realtors w/ Homes Listed Between $780K and $950K, I Want You!
- 05/17/11 07:21 AM
Realtors w/ Homes Listed Between $780K and $950K, I Want You!
As we go into the remainder of the spring buying season and onto summer, I noticed that here in Marin County there are approximately 100 homes listed for sale in the price range between $780,000 and $950,000, so I wanted to reach out to every listing agent who has a property on the market in an area where we have been able to take advantage of the Fannie Mae hi cost loan limits. You may be thinking, "Why is a mortgage professional interested in contacting the seller's agent instead of the buyer's?" Here … (0 comments)
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fannie mae: Weekend Availability + Implications of a Government Shutdown
- 04/08/11 02:48 PM
Real Estate Professionals, While the Government may be shut down (see below), I will be available this weekend to assist with your clients' pre-approvals, offer letters and home loan questions. If I can be of service, feel free to reach me on my cell phone at 415-367-5959, or by e-mail at rspinosa@rpm-mtg.com. Seriously, should we experience a shutdown of the Federal government, here are some of the implications to the real estate financing process. If you have a transaction in process with another lender, be sure to get clarification on how your escrow could be impacted. For RPM, we are issuing … (1 comments)
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How to Rock the 2023 Conforming Loan Limits!!!
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