Significant Change to Max Qualifying Ratios Allowed
Beginning December 11th, it will officially be harder to qualify for a home loan. In the past and up until 12/11/09, lenders allow(ed) your qualifying ratio to go up to 55%, at least with compensating factors of good credit and 20% equity or down payment in a home....Interest Rates are at Near-Bottom Levels
I saw some unbelievable interest rates this week and they’re still going strong. My experience is that they don’t last long, so if you can, I definitely recommend taking advantage. And remember, if you can’t refinance traditionally because you have...Good News! The $8000 Tax Credit has been Extended as well as Expanded!
The $8000 federal tax credit has been extended and expanded! The credit, which was supposed to expire 12/1/09, has now been extended to 4/30/10. In addition, there will be a 60-day extension if you go into binding and official contract prior to April 30th. In addition...Temporary High Balance Loan Limits are Extended for 1 More Year
Congress voted and approved a one-year extension on the temporary FHA, Fannie Mae and Freddie Mac loan limits. The loan limits vary by county, but are established by taking 125% of the county’s median home price and determining that as the upper limit, with $729,750...Major (Urgent) Changes to Mortgage Insurance Requirements on Condos
Right now, this is a rumor, but when I hear rumors like this, I’m pretty sure it will happen: Effective 10.2.09, you will be required to put 15% down on a condo for a conventional loan. FHA loans still allow for the minimum of 3.5% down, but there are stringent...Loan Calculator
Try for free!
Free eBook
