fannie mae: Fannie Mae Eliminates 3% Down Mortgages - 01/12/14 03:45 AM
In November 2013, Fannie Mae increased the minimum required down payment from 3% to at least 5% down on Primary Residences.  This change was due in part to Qualified Mortgage and Ability to Repay regulations that went into effect on January 10, 2014.
 
The 5% minimum down payment requirement applies both to HomePath® and regular Conventional mortgages.  HomeStyle® Renovation mortgages already required a 5% minimum down payment.
 
 
(3 comments)

fannie mae: 2013 Fannie Mae & Freddie Mac Loan Limits Announced - 11/29/12 02:15 AM
Today, the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. Two to four units properties will exceed the $417,000 loan limit. 
 
In Georgia, only Greene County exceeds the $417,000 loan amount.  Their conforming loan limit is $515,200.
 
The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and are calculated each year.  This law sets loan … (3 comments)

fannie mae: 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)

fannie mae: 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)

fannie mae: HVCC and It's Influence on Today's Appraisal Standards - 09/04/11 06:59 AM
The Home Valuation Code of Conduct (HVCC) was implemented in May 1, 2009 by the Federal Housing Finance Agency (FHFA).  It was designed as an attempt to improve the independence of appraisers.  It contained provisions that prohibit lenders and third parties from influencing appraisals to arrive at a certain value.  
According to NAR, the HVCC establishes standards on solicitation, selection, compensation, conflicts of interest and appraiser independence. Mortgage brokers and real estate agents are prohibited from selecting appraisers. Lenders are permitted to use “in house” staff appraisers to conduct appraisals. However, the loan production staff is prohibited from:
1) Selecting, retaining, recommending, or influencing the … (8 comments)

fannie mae: Will Your Mortgage Lender Pull a New Credit Report The Day of Closing???? - 03/20/11 11:02 AM
Does Fannie Mae require a new credit report right before closing?  The answer to this question is no. 
It is true that many lenders are in fact pulling a new credit report the day of or just a few days prior to closing.  This is due to an mis-interpretation of an announcement that Fannie made in 2010. 
On February 26, 2010, Fannie Mae issued Lender Letter LL 2010-03 as part of its Loan Quality Initiative. Part of this initiative involves undisclosed liabilities.  The announcement read:
"Lenders are responsible for determining that all debts incurred or closed by the borrower, up to and concurrent … (10 comments)

fannie mae: Real Estate Agents - Fact or Fiction.... Learn the Underwriting Requirements of 2011 - 01/04/11 03:17 PM
As we begin 2011, underwriting guidelines remain the tightest that many in the mortgage and real estate industries have seen in recent years.  Today's rules/requirements echo those of the pre-2000 era.  Given that a great number of today's players in the real estate industry have been in the industry less than 10 years, many simply cannot understand these changes.  For those who have been in the business longer, many of those have forgotten the old days when today's guidelines were common practice.  Every still has the 2005-2006 era stuck in their head.  That is now what is know as HISTORY.  It's … (14 comments)

fannie mae: What Is An Underwriting Guideline Overlay? - 01/01/11 05:23 AM
Why does it sometimes seem that underwriting guidelines vary from mortgage company to mortgage company?  Well, it is because, sometimes they do.  Each agency (Fannie Mae, Freddie Mac, FHA, VA, USDA) sets the minimum guidelines for the approval of a mortgage that they will back if it defaults.  An overlay is when a mortgage lender adds an additional restriction to their guidelines.  One huge misconception is that
There are many types of overlays.  Some of the most common include:

When an Underwriter makes a condition that someone doesn't agree with, they are not just doing it because they want to.  There is a valid reason behind it. 
(2 comments)

fannie mae: Fannie Mae Announces Increased Mortgage Rate Pricing Adjustments Effective Spring 2011 - 12/27/10 03:23 AM
On December 23, 2010, Fannie Mae announced an increase to its mortgage pricing structure.  This new pricing is effective with mortgage loans with purchase and mortgage backed securities delivery dates after April 1, 2011.  You can expect to see all mortgage lenders implement these pricing changes in February or March in anticipation of the April 1st deadline. 
With this change, even 740+ borrowers will see the cost of their mortgage rates rise.  Currently, Fannie Mae views 740+ as the top tier and does not have any credit score pricing add-ons for those borrowers.  Those borrowers will soon see a .25% pricing hit for all LTV's … (5 comments)

fannie mae: 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)

fannie mae: 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)

fannie mae: 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)

fannie mae: 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)

fannie mae: Fannie Mae Updates Policy for Borrowers With a Previous Bankruptcy - 09/21/10 03:12 PM

 
Fannie Mae has updated its polices regarding new financing for borrowers with a previous bankruptcy.  The waiting period now ranges from 2 years from the discharge date of a Chapter 13 Bankruptcy to 5 years from the discharge or dismissal date for someone with multiple bankruptcy filings.
 
 
 
(3 comments)

fannie mae: Did You Know That You Can Lose Your Home for Not Paying Your HOA Dues???? - 07/11/10 03:14 PM

Being late on your HOA due payments could cost you your home.  I read a very interesting article on this topic today.  Some home owners across the country are facing foreclosure, but not from action by their mortgage company.  Home Owners Associations (HOA's) are the latest to pursue the foreclosure option to attempt to get delinquent home owners to pay up.   Some home owners are viewing their HOA due payments as optional.  Quite the opposite is true though.  If you live in a community with a mandatory HOA, then your dues are just that, mandatory.  Your HOA payments can … (6 comments)

fannie mae: New Rules for a Prior Preforeclosure Sale or Deed-in-Lieu of Foreclosure - 04/15/10 01:41 AM
On April 14, 2010, Fannie Mae announced that a new waiting period will be established for anyone with a short sale or pre-foreclosure sale.   The waiting period will vary depending on the loan to value of the transaction and whether extenuating circumstances contributed to the borrower's financial hardship.  Loss of employment, illness, death of a wage earner, etc are common examples under which an exception might be granted.  
Both terms of"short sale" and "pre-foreclosure sale" are interchangeable in this announcement.  Fannie has clarified that each have the same meaning of "the sale of a property in lieu of a foreclosure, resulting in a … (3 comments)

fannie mae: Purchasing a Condo Using HomePath Financing - 04/03/10 03:07 AM
Using the HomePath program to purchase a Fannie Mae REO has many advantages.  Once such advantage is a simplified procedure for purchasing a condo unit. 

There is no HOA condo questionnaire needed when purchasing a condo that is HomePath  eligible.  Since Fannie Mae initially approved the loan, they are willing to take on the risk of a new loan.  This enables Fannie Mae to move this non-performing asset off of their books.
Fannie Mae does require an HO-6 (walls-in) insurance coverage policy be in place.  While this can come from a master HOA policy, most buyers will find that the master HOA polices do not cover … (0 comments)

fannie mae: Closing Cost Assistance & Appliance Incentive for Fannie Mae Homes - MUST CLOSE BY April 30, 2010 - 03/20/10 02:15 AM
ACT NOW......Time is running out for Fannie Mae's latest offer.  Buyers who qualify for this special offer must close by April 30th. 

Fannie Mae is currently offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home on or before April 30, 2010. Buyers purchasing properties listed at www.HomePath.com, that are closed within this period, may receive up to 3.5% of the final sales price for:
Closing costs The purchase of new Whirlpool® appliances by Fannie Mae A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%. To be eligible for this incentive:
Property sales … (4 comments)

fannie mae: Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes - 01/31/10 04:28 AM
Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed at www.HomePath.com, that are closed within this period, may receive up to 3.5% of the final sales price for:
Closing costs The purchase of new Whirlpool® appliances by Fannie Mae A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%. To be eligible for this incentive:
Offers must be accepted on or after January 28, 2010 Property sales … (2 comments)

fannie mae: Fannie Mae First Look Initiative - The Owner Occupant Advantage - 01/30/10 10:27 AM
Buyers.....tired of submitting offer after offer after offer, only to lose out to a cash offers from investor buyers?  Well, relief is on the way for Fannie Mae REO properties.
"First Look is designed to provide owner occupants and buyers using public funds a "first look" at Fannie Mae homes. Under First Look, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the first 15 days a property is listed in the local multiple listing service (MLS). If the property is still for sale on the 16th day, investor offers may be submitted and will … (7 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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Guaranteed Rate NMLS# 2611

Address: 825 Juniper St NE, Atlanta, GA, 30308

Office: (404) 591-2453

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