fannie mae: How To Obtain A Conventional Home Loan – If You Don't Have Income - 09/19/19 11:52 AM

If you want to obtain a conventional home loan, but have limited or no income, but do have a large amount of assets, you may be able to qualify via an asset depletion loan.
 
This program makes sense for someone who may be retired and living off a small pension or social security or other benefit, but that has a large sum of assets. Here is how it works.
 
Through the asset depletion program, you can use 70% of the balance of an asset, divide that number by 360 and use the end result may be used as a monthly income.
 
The other stipulations … (0 comments)

fannie mae: Conventional Home Loan Limits – Increased For 2019 - 11/27/18 01:15 PM

             Conventional home loan limits are once again increasing for Fannie Mae and Freddie Mac backed conventional mortgages. The new loan limits are $484,350, up from the current limit of $453,100.
 
            This increase also carries over to VA home loans, meaning that the base VA loan limit is now also $484,350 to qualify for a home loan with a 0% down payment.
 
            What this means is that for someone looking to purchase a home with just a 5% down payment, they can now purchase a home up to $510,000, using a conventional loan.
 
            For someone looking to purchase a home with … (0 comments)

fannie mae: Your Guide To A Cash-Out Home Refinance Loan - 09/03/18 09:51 PM

With the appreciation in home values in recent years, many homeowners now have a significant equity position in their homes.
 
As a result, depending on the use of the funds, it could make sense to tap into your home’s equity, to perhaps take out funds to consolidate debts, remodel your home or pay for other unexpected expenses.
 
            In this article we will explore some of the basics of the cash out refinance, by taking a quick look at three main loan types: Conventional, FHA and VA loans and how they each differ when it comes to a cash out refinance. In addition, … (0 comments)

fannie mae: Getting A Home Loan Soon? – Don’t These Things - 07/30/18 02:41 PM

In the past, we have written many articles on best practices, when it comes to qualifying for a home loan. We have also discussed what things not to do, when applying for a home loan, yet we continue to see these issues pop up from time to time.
 
So, if you are thinking of getting a home loan soon or anytime in the future, see our list below of what things not to do.
 
Of course, it makes sense to always speak to a licensed lender like Strategic Mortgage, because everyone’s situation is unique and many of the problems below are fixable, given … (2 comments)

fannie mae: Conventional Loans – Facts About The Most Popular Home Loan Program - 07/30/18 01:42 PM
When it comes to purchasing a home or refinancing a home loan, the most common financing used is the conventional loan. These home loans are backed by either Fannie Mae or Freddie Mac and offer attractive terms for most homeowners, if they meet the guidelines of the program. This article will provide a guide to some of the most common questions that consumers have about obtaining these loans, including down payment requirements, credit score requirements, home loan limits and other facts.
 
Credit Score:
            Conventional loans have a minimum credit score requirement of a 620 or higher. However, the interest rate you receive … (0 comments)

fannie mae: Conventional Home Loan Limit Change – For 2018 - 11/28/17 08:54 AM
The conventional home loan limits for Fannie Mae and Freddie Mac backed conventional mortgages has been increased from $424,100 in 2017, to $453,100 for all new conventional home loans in 2018.
            That also means that for VA loans, the base loan limit is now also $453,100 to qualify for a home loan with a 0% down payment.
            This is the second year in a row that conventional loan limits have increased, after a number of years without an increase and is positive for the housing and mortgage market, as it continues to show a reaction to increased housing prices in recent … (44 comments)

fannie mae: Fannie Mae’s Home Mortgage - Student Loan Cash Out Refinance - 10/25/17 11:33 PM

In the past year, Fannie Mae has made some massive changes to their lending guidelines when it comes to student loans.
 
First, they introduced loosened guidelines when it comes to how monthly student loan payments are qualified as a monthly payment. And in addition, they also introduced a program that allows homeowners to obtain a lower interest rate home loan, to pay off their student loans through a traditional cash out refinance.
 
Student Loan Cash Out Refinance
Fannie Mae has introduced a way to make it easier for homeowners to use home equity to pay off student loans.
 
If you own a home … (2 comments)

fannie mae: Fannie Mae - Makes It Easier To Qualify For A Home Loan With Student Loan Debt - 10/25/17 09:42 PM

In the past year, Fannie Mae has loosened guidelines when it comes to how student loans payments are looked as monthly debts. This change is making it easier for those with larger student loan debt burdens, to obtain a home loan.
 
When it comes to obtaining a home loan, one of the critical components of being able to qualify is the debt to income ratio. The debt to income ratio takes your monthly minimum payments on your credit report (mortgage payment, student loan payments, credit card payments, etc.) and divides them by your monthly gross income.
 
In general, to obtain a … (0 comments)

fannie mae: Fannie Mae – Increasing Debt To Income Ratios - 07/21/17 01:32 PM

Fannie Mae has just made another change to their home loan guidelines, which will make it easier to qualify for a home loan with a higher debt to income ratio.
            The change increases the maximum debt to income ratio from 45% to 50% on Fannie Mae Conventional home loans, for the purchase or refinance of a home. Or in other words, you can now qualify for a home loan with your monthly payments equaling up to half of your monthly pre-tax income.
            This is a yet another change that will open up opportunities for more potential homeowners to qualify for a … (2 comments)

fannie mae: Fannie Mae - Makes It Easier To Qualify For A Loan With Student Loans - 04/25/17 05:57 PM

Fannie Mae has just made a change to their home loan guidelines, that now makes it easier to qualify for a home loan if you have a larger amount of student loan debt.
           
            The change allows you to use the documented minimum monthly payment of your student loan for qualifying purposes. This is an enhancement, in that previously Fannie Mae would require the higher of the current loan payment or 1% of the loan balance as a monthly payment. Often times, if someone is on an income-based repayment plan, the monthly payment will be much less than 1% of the … (1 comments)

fannie mae: Fannie Mae’s Home Ready Loan Program – A Better 3% Down Payment Option - 10/11/16 03:39 PM

This past year, Fannie Mae introduced the Home Ready conventional home loan program. The program allows for a home purchase with as little as a 3% down payment and also home refinances with as little as 5% equity.
However, unlike traditional conventional loans, the Home Ready program has some unique features that make it a great option to consider, especially for potential homeowners, include the following:
1)     Non-occupant income can be included for qualification. Meaning that you can add someone’s income for qualification (such as a parent), without them having to live in the home with the primary borrower.
2)     Reduced Mortgage Insurance Costs … (0 comments)

fannie mae: HARP 2.0 Refinance Program – Ends This Year - 02/21/15 02:46 AM
 
 

The HARP refinance program is a program that has allowed millions of homeowners the option to refinance and take advantage of today’s low interest rates, with little or no equity in their homes. In addition, the program also has served a need to help homeowners in other difficult situations to refinance as well (such as those who have had a foreclosure, short sale or bankruptcy recently).
 
The HARP program is a government backed initiative to allow borrowers who could previously not refinance, due to lack of equity or being upside down in their homes or in some … (0 comments)

fannie mae: Fannie Mae Brings Back - 3% Minimum Down Payment Program - 12/10/14 06:08 AM



The minimum down payment to us a Fannie Mae Conventional mortgage loan to purchase a home, has been at 5% for the past year.
However, Fannie Mae has now decided to lower the minimum down payment to 3% of the purchase, which is actually in line with their previous minimum down payment.
The move is only a 2% reduction in down payment, but if a home buyer is unable to have a full 5% down payment, the new Fannie Mae 3% down payment program could save them some costs in the short and long term, compared to … (0 comments)

fannie mae: Pay Your January Mortgage Payment Early - Save On 2014 Income Taxes - 12/10/14 06:02 AM



As we move into the end of 2014 and the holidays fast approach, here is a quick tip to potentially save on your personal income taxes (Of course, remember to please consult a licensed tax professional for all  official guidance on tax preparation issues).
 
              Your mortgage payment that is due at the beginning of every month, actually covers the 30 days interest for the preceding month. Meaning that your January 2015 mortgage payment, actually covers interest from December 1st to the 31st.
             
              For that reason, if you make your January 2015 mortgage payment … (1 comments)

fannie mae: Home Mortgage - Loan Limits Stay Constant For 2014 - 11/14/13 01:31 PM

The 2014 Calendar year is right around the corner and all home mortgage loan limits are set to remain constant for the 2014 fiscal year.
 
Conventional loan limits, those loans backed by Fannie Mae and Freddie Mac will remain at $417,000 in non high-cost areas. With any loan above this level remaining a Jumbo loan.
 
FHA loan limits will also stay constant. In 2014, in Maricopa and Pinal counties here in Arizona the FHA loan limits will remain at $346,250. FHA loan limits do vary by county, so for other areas, you must check with HUD to see your … (0 comments)

fannie mae: Fannie Mae and Freddie Mac – Expand HARP Refinance Eligibility Dates - 10/23/13 06:16 AM

This past week, both Fannie Mae and Freddie Mac announced that they are revising the requirement related to the mortgage eligibility date for homeowners looking to refinance through HARP.
Previously, the HARP refinance program required your home loan to have been acquired on or before May 31, 2009 by Fannie Mae or Freddie Mac. That requirement has been loosened now to say that the date of your mortgage note only has to be dated on or before May 31, 2009.
This new change will allow some homeowners who previously may have just missed the cutoff date to now refinance through … (0 comments)

fannie mae: Fannie Mae To Eliminate 3% Minimum Down Payment Program - 09/19/13 06:02 PM

 
Currently the minimum down payment on a Fannie Mae Conventional purchase loan is 3% of the purchase price. However, as of November 16th, 2013, Fannie Mae will be eliminating the 3% down payment program and instead require a minimum of a 5% down payment.
Now, this is only a 2% increase in the minimum down payment for a conventional loan, but this certainly will hurt certain potential homebuyers who are looking to purchase a new home.
FHA home loans will still allow for a 3.5% minimum down payment, but the mortgage insurance costs on FHA mortgages generally make them … (2 comments)

fannie mae: Fannie Mae and Freddie Mac – Introduce Streamlined Short Sale Guidelines - 08/27/12 08:26 AM
 
Recently, Fannie Mae and Freddie Mac, the two government backed mortgage giants that back most conventional loans, issued a revised set of guidelines, in an effort to streamline the short sale process.
 
 
 
The new guidelines will go into effect November 1, 2012 and will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship.
 
 
 
According to the release from the agencies, “Servicers will be able to expedite processing a short … (0 comments)

fannie mae: Fannie Mae Refinance Program – Will Expand Even More in 2012 - 11/18/11 10:56 AM
 
 As we recently wrote about, the Fannie Mae HARP refinance program has now been expanded to allow more homeowners the option to refinance and take advantage of historically low interest rates. Starting December 1, 2011 the program will allow homeowners to refinance their existing home loans, up to 125% of their current home values. However, there will be an even bigger expansion of the program in 2012.
 
There are of course certain guidelines that must be met to qualify for this refinance program, as we have covered in recent articles. However, the most important of those being that your … (1 comments)

fannie mae: Fannie Mae Expands Program To Help Borrowers Refinance Up To 125% of Value of Their Homes - 11/18/11 10:54 AM
 
 As announced earlier this year, the Fannie Mae HARP refinance program has now been expanded to allow more homeowners the option to refinance and take advantage of historically low interest rates. The big recent news from the expansion is an expansion to help borrowers who are even more upside down in their homes refinance.
 
                        As mentioned previously, the program does have a few levels of criteria that homeowners must meet in order to qualify. First, it doesn’t matter who the homeowner currently make their payments to, but the loan must be owned by Fannie Mae. In … (0 comments)

 
Bill Kamboukos (Strategic Mortgage)

Bill Kamboukos

Scottsdale, AZ

More about me…

Strategic Mortgage

Address: 2111 E Broadway Road, Suite 14, Tempe, AZ, 85282

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