freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

freddie mac: The 1% Down Payment – Conventional Loan - 02/20/17 07:13 PM
 
Did you know that there is a home loan program for potential home buyers to make as little as a 1% down payment on a conventional loan?
 
Not only that, the program also provides for a 2% lender contribution toward down payment on the home, essentially allowing the buyer to purchase a home with equity.
 
            This is not a down payment assistance program through any state or governmental agencies, but rather a new unique program that certain mortgage lenders can offer.
 
            Now, of course there are certain qualifications to be met, in order to qualify for the program and in this article, … (1 comments)

freddie mac: How To Obtain A Home Loan – If You Have A Large Amount Of Student Loans - 02/20/17 03:44 PM

When it comes to qualifying for a home loan to purchase a home or refinance an existing home loan, certain loan programs make it easier than others to qualify, if you have a large amount of student loans.
Many times, if someone is early into their career they may have a large student loan burden and an income that is still developing. This can be the case for attorneys, doctors, or just anyone who has dealt with the rising cost of education.
The way this plays into qualification for a home loan is through the concept of the debt to income ratio. To … (2 comments)

freddie mac: Asset Depletion – The Home Loan Program To Qualify Without Income - 01/25/17 08:41 PM

Did you know that you can obtain a conventional home loan, without a standard form of income? You can, but of course there is a catch.
If someone has a large sum of assets, they may use those assets as income. Through Freddie Mac’s asset depletion program, you can use 70% of the balance of an asset, divide that number by 360 and use the end result as a monthly income.
The program only applies to the purchase or rate and term refinance of a primary home or second home and requires either a 30% down payment on a purchase or 30% equity … (0 comments)

freddie mac: 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)

freddie mac: 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)

freddie mac: 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)

freddie mac: Fannie Mae & Freddie Mac - will not reduce principal on mortgages - 08/06/12 04:23 AM
 
Fannie Mae and Freddie Mac, the two now government controlled mortgage giants were asked by the Federal Government to consider principal reductions on mortgages, as a way to assist struggling and upside down homeowners to help stabilize the housing market. After a month of deliberation, Fannie Mae and Freddie Mac announced that they would not be reducing principal balances on any mortgages.  
 
 
 
Edward DeMarco, the agency's acting director said in a statement. The, "FHFA has concluded that the anticipated benefits do not outweigh the costs and risks."    
 
 
 
However, soon  after this release, Treasury … (1 comments)

freddie mac: Banks Suspend Foreclosures During The Holidays Once Again This Year - 12/08/10 05:30 AM
 
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freddie mac: Fannie & Freddie Still Not Ready To Reduce Mortgage Balances Of Borrowers - 05/24/10 07:20 AM
Fannie & Freddie Still Will Not Ready To Reduce Mortgage Balances Of Borrowers
As issues with troubled homeowners continues to be a major issues in the housing market, the pressure for loan servicers to start to cut the principal balances of mortgage continues to rise. However, it appears that two major players in the mortgage servicing marketplace refuse to make it an option yet, and that is Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac, which are controlled by the federal government, do not lower the principal on the loans they back; instead they opt to reduce interest … (0 comments)

freddie mac: No New Mortgage Products From Fannie Mae & Freddie Mac - 02/04/10 03:02 AM
No New Mortgage Products From Fannie Mae & Freddie Mac
Fannie Mae and Freddie Mac, the two now government controlled mortgage giants will not be allowed to introduce new loan products in the mortgage market while they are under the control of the U.S. government. That is the recent news that federal regulator announced in a letter to Congress.
In reality, since this past summer, Fannie and Freddie had been allowed to submit new loan products for review through a process established by the companies' federal regulator, the Federal Housing Finance Agency. However, no new products were submitted during that time … (0 comments)

freddie mac: Interest Rates To Reach 6% By The End Of The Year? - 12/30/09 07:56 AM
Interest Rates To Reach 6% By The End Of The Year? Mortgage rates on home loans reached levels near all-time low in early December, however according to the latest report from Freddie Mac interest rates could climb to 6 percent by the end of 2010.
This news comes a result of the latest survey released by the government controlled mortgage giant. These results are noteworthy because rates are a full percentage point lower than that currently and this would be a sharp rise over the course of this year.
Amy Crews Cutts, deputy chief economist at Freddie Mac, said that interest … (2 comments)

freddie mac: Freddie Mac Coming Door To Door: New Program To Help Homeowners - 10/05/09 01:24 AM
Freddie Mac Coming Door To Door:
New Program To Help Homeowners
This past week, Freddie Mac, the very larger and now government controlled mortgage entity announced a plan to come door to door to get in touch with delinquent borrowers. The plan will be to touch base with borrowers that are behind on mortgage payments in an effort to help them complete the process of qualifying for programs such as the Making Homes Affordable Plan. Below is the information on this new effort as described by Freddie Mac themselves.
"Freddie Mac today announced it has hired Titanium Solutions, Inc. to … (1 comments)

freddie mac: Fannie & Freddie - Easing Condo Requirements? - 07/09/09 09:05 AM
Fannie & Freddie  - Easing Condo Requirements?
As we have previously addressed, this past year has seen increased changes to Fannie Mae and Freddie Mac's condo requirements policy. With the main issue being new increased standards in their new definition of warrantable and non-warrantable condos (in other words, loan that they will or will not guarantee).
As a result, recently lawmakers have come out and said that they want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery.
In March, Fannie … (0 comments)

freddie mac: Government’s Refinancing Program May Expand - 06/22/09 06:40 AM
Government's Refinancing Program May Expand
This past week, there was news that perhaps the government's Fannie Mae and Freddie Mac refinancing program may begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs.
"We're actively considering how to structure a program that makes sense over 105 percent," Federal Housing Finance Agency Director James Lockhart said. He said a ratio of 125 percent "is a number" that's on the table, though "not necessarily the number we're going to end up with."
This would be an expansion of President Barack Obama's Home … (1 comments)

 
Bill Kamboukos (Strategic Mortgage)

Bill Kamboukos

Scottsdale, AZ

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