conventional: Fannie Mae & Freddie Mac Announce 2012 Conforming Loan Limits for Georgia - 11/25/11 03:42 AM
Fannie Mae & Freddie Mac Announce 2012 - Conforming Loan Limits for Georgia
 
The Federal Housing Finance Agency (FHFA) has announced 2012 conforming loan limits.  The agency base conforming and high-cost area loan limits will remain at the existing 2011 levels through December 31, 2012.  The only county to see an increase is Fairfield County, Connecticut.
 
The base conforming loan limit remain at its current level ($417,000 for 1-unit properties in the contiguous United States). Some high-cost areas of the country can exceed the $417,000 limit though.  For those areas, the current maximum high-cost limit is $625,500 for a 1-unit single-family property in the … (2 comments)

conventional: Fannie Mae & Freddie Mac Announce 2012 Conforming Loan Limits for Alabama - 11/23/11 09:16 AM
Fannie Mae & Freddie Mac Announce 2012 - Conforming Loan Limits for Alabama
 
The Federal Housing Finance Agency (FHFA) has announced 2012 conforming loan limits.  The agency base conforming and high-cost area loan limits will remain at the existing 2011 levels through December 31, 2012.  The only county to see an increase is Fairfield County, Connecticut.
 
The base conforming loan limit remain at its current level ($417,000 for 1-unit properties in the contiguous United States). Some high-cost areas of the country can exceed the $417,000 limit though.  For those areas, the current maximum high-cost limit is $625,500 for a 1-unit single-family property in the … (2 comments)

conventional: The End of PMI.....Soon All Conventional Mortgages Will Require 20% Down - 08/21/11 11:47 AM
Is the end of Private Mortgage Insurance for conventional mortgages near?  The question begs to be answered after recent events of the last few weeks. 
On Friday, the New York Stock Exchange delisted The PMI Group, Inc.  Later in the day, they were informed that August 19, 2011 was their last day to issue new MI policies. 
This comes after the August 3, 2011 announcement from Republic Mortgage Insurance Company (RMIC) that they will cease issues new MI policies on August 31, 2011.   That is after Fannie Mae announced on July 27, 2011 that they would no longer purchase any mortgages with MI issued by RMIC.  Freddie Mac … (6 comments)

conventional: Conventional Loan Limits to Remain Unchanged in 2011 - 11/19/10 07:13 AM
Today, Fannie Mae announced that the conventional mortgage loan limits will remain unchanged in 2011 from current limits.  This is no big surprise since they have remained unchanged for a few years now.   
First Mortgage Loan Limits for 2011:

The high-cost area loan limits, will however see a change in 2011.  For high-cost mortgage loans originated in 2011, pursuant to FHFA's announcement, are as follows:
For mortgage loans originated on or before September 30, 2011, loan limits remain unchanged from the 2010 high-cost area loan limits. The maximum limit is $729,750 for a 1-unit property in the continental United States, established under … (3 comments)

conventional: Conventional Mortgage Insurance Begins to Make a Comeback - 11/02/10 02:11 PM
Over the last few months, some conventional Mortgage Insurance companies have loosened up on their underwriting guidelines.  This comes after nearly 3 years of pulling back and the tightening of those guidelines.
Starting November 1st, one MI company has expanded its 97% LTV program.  This new maximum LTV is currently limited to first time home buyers only.  Eligibility varies by zip code based on its status as a declining market.  Metro Atlanta is still limited to a 95% LTV at this time. 
For Second Homes, purchases and rate/term refinances are back up 90% LTV.  MI for Investment properties is still not available at this time. 
Each MI … (4 comments)

conventional: Conventional Financing Mortgage Program Overview/Updates - 09/28/10 05:03 AM

Program Basics
HomePath Financing Mortgage Program Overview/Updates Conventional Loan Limits to Remain Unchanged in 2011
Conventional Guideline FAQ - Assets
Self-Employed???? Acceptable Use of Business Funds for Closing
Conventional Guideline FAQ - Credit
Do You Need a New Credit Report Before Closing??? - Fannie Mae Clarifies Its PositionFannie Mae Updates Policy for Borrowers With a Previous BankruptcyFannie Mae's Latest Guidance for Foreclosures, Bankruptcies, & Short Sales

Conventional Guideline FAQ - IncomeBusiness Expense Deductions vs Qualifying for a Mortgage Minimum Time of Employment - Fannie Mae Conventional GuidelinesConventional Guideline FAQ - MiscellaneousMultiple Mortgages for the Same Borrower - Fannie Mae … (1 comments)

conventional: HomePath Financing Mortgage Program Overview/Updates - 09/28/10 04:06 AM
HomePath® Financing Highlights
 
This special financing is available exclusively on Fannie Mae homes with the HomePath logo
Search for Fannie Mae REO's at http://reosearch.fanniemae.com/reosearch/.

Program Basics
HomePath Financing for Fannie Mae REO'sHomePath Financing - Buy a Home in Georgia With Only 3% DownGeorgia Investors Can Purchase With as Little as 10% DownBuy an Alabama Second / Vacation With as Little as 10% Down. Conventional Guideline FAQ - AssetsSelf-Employed???? Acceptable Use of Business Funds for Closing
Conventional Guideline FAQ - Credit
Do You Need a New Credit Report Before Closing??? - Fannie Mae Clarifies Its PositionFannie Mae Updates Policy for … (1 comments)

conventional: Fannie Mae's Latest Guidance for Foreclosures, Bankruptcies, & Short Sales - 09/25/10 05:54 AM
Fannie Mae has updated its polices regarding new financing for borrowers with a previous bankruptcy, foreclosure, or short sale.  The waiting period ranges from 2 years from the discharge date of a Chapter 13 Bankruptcy to 7 years from the date of a Foreclosure.

 
 
 
 
All borrowers will now be required to meet the minimum waiting period after the derogatory event in order to be eligible for a new conventional mortgage loan backed by Fannie Mae. 
 
 
 
(1 comments)

conventional: Do You Know Who Is Responsible for Setting Mortgage Underwriting Guidelines??? - 09/19/10 03:28 PM
What is the Secondary Market you ask? In mortgages, the Secondary Market is where bonds and securities are backed by the value of mortgage loans, collateralized and then they are sold on Wall St.  These security instruments are also known as Mortgage Backed Securities (MBS).  Being packaged as an MBS is how mortgage loans are bought and sold after the borrowers have closed on their transaction.  All mortgage loans are underwritten by the lender to predetermined underwriting guidelines.  Therefore, each mortgage loan program has its own unique set of underwriting guidelines.  This loan programs include:
Conventional (Fannie Mae & Freddie … (3 comments)

 
Rodney Mason, VP of Mortgage Lending - AL, FL, GA, SC, & TN (Guaranteed Rate NMLS# 2611) Rainmaker large

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN

Atlanta, GA

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