Interior Insurance Now Required on Townhomes and Condos
Lenders are now requiring homeowners of condos and townhouses to insure the fixtures and contents within their home. HOA dues (usually) cover insurance for just the outside of your unit and the development as a whole, not the inside. This can potentially change your...Fannie Mae Refi Plus Program
The Making Home Affordable program is in full effect. You can read about the requirements here, but the highlight of this program is that it allows homeowners that have between 80% to 105% Loan-to-Value (LTV) ratio to refinance. I locked a client in on this program...Two More Days until Appraisal Process Changes: Home Valuation Code of Conduct
One final reminder about the appraisal process. If you sign and date an application and disclosures prior to May 1, 2009, and get your credit report pulled to justify those dated forms, we have control in who to order the appraisal from. If you wait until May 1st and...9 More Days Until the New Appraisal Law Goes Into Effect!
We have 9 more days until appraisals have to be ordered through AMCs. The rule is that your application and disclosures must be signed and dated prior to May 1, 2009. If you do so, then we have control over who to order your appraisal from. If you sign and date your...Update on the New Appraisal Law (Home Valuation Code of Conduct)
Lenders are accepting broker-ordered appraisals (i.e. from me) when any application is dated and submitted by the borrower before May 1st, 2009. If you date your application May 1st and after, then we have to go through Appraisal Management Companies (AMCs). The...Fannie Mae Refi Plus Program (Making Home Affordable): It’s Here!
Lenders are slowly starting to roll out the Making Home Affordable program, which will allow some homeowners to refinance their mortgages up to 105% of their home’s value. The background of this program can be found here. First things first: You need to see if...Explaining the Conforming Loan Limit Changes
The government keeps re-establishing new conforming loan limit changes, which I understand has gotten confusing! When we take into account how long it takes for all the different entities to determine their part to the solution, it can take a while for the changes to...Big Changes to Mortgage Insurance Rules!
Mortgage Insurance is required when you have less than 20% down. It serves to protect the lender in case you default on your mortgage (because by putting less than 20% down, you are deemed a more risky borrower). If you’re in this down payment bracket of less...Spring Fling Cocktail Party and Vendor Fair
For those of you who are local, Viva La Diva Parties is throwing a great event at the Sheraton in Sunnyvale this Thursday, from 6 to 9pm. Spring Fling Cocktail Party and Vendor Fair It includes live music, buffet, cocktails, networking, shopping and a fashion show,...Loan Calculator
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