mortgage guidlines: Pregnancy and the Mortgage Application, Time to Clarify Some Miss-Information in the rain
- 07/21/10 08:26 AM
There have been numerous blogs this week that discuss pregnancy and the inability to get a mortgage. The blogs make it seem as if banks are sending pregnancy test kits with the disclosure documents and after reading more than one blog, and the comments, I felt the need to set things straight. WE DO NOT even ask the question!!! First off this has nothing to do with pregnancy. There is nothing new here at all. We are talking about good old fashioned mortgage guidelines that have been around for decades. We are in a Full Doc World and we need to … (96 comments)
mortgage guidlines: FHA Changes: Mortgagee Letter 2010-02 MIP changes kick in 4/5/10
- 03/02/10 07:12 AM
By now we are probably well aware that the past few years has been a whirlwind of a ride for Mortgage Guidelines, both for Conventional and FHA loans. One of the recent changes in FHA is coming up soon. While this is a bit of old news it is important to note the date. The Up Front Mortgage Insurance Premium (UFMIP or MIP) is increasing. Over all this is not horrible news for the home buying public, but for your buyers that are getting close to finding a home it may be a good idea to remind them that there is … (4 comments)
mortgage guidlines: Fannie Mae: Lending to Buyers/Borrowers with multiple Properties
- 03/31/09 07:22 AM
Welcome to mortgage fun: Even the changes are changing! In February we heard from Fannie with some good news in: FNMA Announcement 2009-02: Multiple mortgages to the same borrower; new reserve requirements & Assignment of Rent Form (1-4 family) Prior to this announcement Fannie, and Freddie both said: 4 financed properties MAX. They would allow you to finance your primary residence if you had more than 4 financed properties, but you could not buy another investment property or second home, Nor could you refinance. With the 2009-02 letter we had a brief reprieve that allowed 5-10 properties according to Fannie Guidelines … (13 comments)
mortgage guidlines: FHA/VA and Credit Scores. Keep a close eye on your deals!
- 03/04/09 02:51 AM
The Ever changing world of Mortgage Guidelines If you took the time to read FHA or VA guidelines you would see that there is no guideline for a minimum credit score. BUT... Most lenders have implemented their own minimum credit scores this year. Ultimately a lender can add to FHA Guidelines to make them more strict than the published ones. After all, it is the lender that is taking the risk. Since there is MUCH more data available now on "who" defaults, we have seen most lenders draw a line in the sand and say "NO WAY". Bottom line: if you have … (10 comments)
mortgage guidlines: FHA loans in 2009, Important things to note
- 02/08/09 02:41 AM
FHA: Qualify more buyers I hope you are not steering clear of FHA loans. Now, more than ever, FHA is one of the biggest tools in your loan tool box to qualify your buyers and to get them into a home safely and inexpensively. There have been some major changes in the past few months to year that you MUST be aware of. January 1: Down Payment increased to 3.5% down. But the seller can pay ALL closing costs with out changing the down payment as with the old Calculation, and the down payment can still be all gifted. October 2008: … (11 comments)
mortgage guidlines: You just applied, Should you lock or float? This weeks Forecast July 21, 2008
- 07/21/08 08:05 AM
July 21, 2008 The Economic Calendar is a busy one this week, but there is not one piece of data that is expected to move the market. If you wrote a contract over the weekend you may be asking, should I float or should I lock? This information should help you make that decision: Today: we had LEI which was in line with expectations Tuesday 22nd Treasury Auction of 20 yr indexed securities Wednesday 23rd, Treasure Auctions 2 year notes Wed, The Fed release the Beige Book, it is a compilation of data from across the country expected to show sluggish … (2 comments)
mortgage guidlines: Mortgage Insurance Change (PMI) makes FHA even MORE attractive
- 07/18/08 03:07 AM
Mortgage Insurance Changes We have seen Private Mortgage Insurance rates climb. We just received an announcement that the factors for Monthly PMI (the most common form of PMI) have gone up. Why? Much like any insurance company, they do not want to pay out... since they have been paying out more in the past year they have raised rates... You see similar issues in states that have had high pay outs on home owners insurance for storm damage, Fl, LA etc.... Even in NJ Home owners insurance is higher near tidal water because of hurricane pay outs in other states. What … (5 comments)
There have been numerous blogs this week that discuss pregnancy and the inability to get a mortgage. The blogs make it seem as if banks are sending pregnancy test kits with the disclosure documents and after reading more than one blog, and the comments, I felt the need to set things straight. WE DO NOT even ask the question!!! First off this has nothing to do with pregnancy. There is nothing new here at all. We are talking about good old fashioned mortgage guidelines that have been around for decades. We are in a Full Doc World and we need to … (96 comments)
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