Home Affordable Modification
For those of you whom are unable to refinance because your value has declined and who do not qualify under the Fannie Mae Refi Plus program, your only option is to ask your servicer for a loan modification. I’m working on gathering information from people who...Loans by Irene on Facebook!
I now have a Facebook business profile page! Click on the link below to sign in, and if you’d like, become a fan. In addition to linking blog posts, I will be putting short and quick tips, pointers and updates. Loans by Irene on Facebook Thanks! Share this:Click...When you’re looking to buy a home…
Be wary of the property’s condition and the work that needs to be done. You may be a handy, do-it-yourself person, but lenders have specific rules about what constitutes a “livable” home. Even if you agree to buy the home “as-is”, the...FHA versus Conventional Loans
A conventional loan is any standard, traditional loan that is not backed by the government. In contrast, an FHA loan is government-insured, meaning that the government will guarantee it. Because the government guarantees to the lender that your loan (your payments)...Fannie Mae Refi Plus/Making Home Affordable: LTV limit is increasing!
The Making Home Affordable program will be increasing the maximum allowed Loan-to-Value ratio from 105% to 125% soon. I will keep you updated when this occurs, but this is will help give more homeowners the opportunity to refinance. The program does have stipulations,...Interest Rate Update: Comparing the 5/1 with the 30 Year Fixed
The 5/1 is coming out swinging. The following is a comparison of today’s 5/1 and 30 Year Fixed. The rate quote assumes 80% Loan-to-Value ratio, single family home, 720+ FICO, no impounds. Quote is based on a 30-day lock, and yes, I can close in 30 days. (Please note...New Mortgage Insurance Requirements
In March, Mortgage Insurance (MI) companies for conventional loans cut their max Debt-to-Income ratio from 55% down to 41% max. I blogged about it here. Now, the new and more strict requirement, which is going into effect next week, is an increase in minimum credit...HVCC Petition
I am very much a “roll with the punches” kind of person. Things change, new laws are implemented, new disclosures are required… it’s okay, I get it and I roll with it, explaining the “what” and the “why” without being bothered and understanding the reasoning behind...Requirements for Buying a 2nd (Vacation) Home
With a few exceptions, the rules for buying a vacation home mimic many of the rules for buying a primary home (at least in conforming loan amount limits). Interest rates are the same (you don’t get “hit” in rate for buying a 2nd home) Must have a 720...Loan Calculator
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