Increased Costs on Certain Loan Parameters Instituted by Fannie Mae
The situation and uncertainty going on in Greece has translated to slightly decreased interest rates. Investors are taking money out of stocks and putting them into the safer haven of bonds, so that is causing mortgage bonds to improve, which in turn improves rates....Minimum Down Payment Requirement on Conventional Loans Reduced
Lending guidelines are loosening up, and one of the recent places is in minimum down payment requirements. Fannie Mae now allows as little as 3% down payment for first time homebuyers. Here are the general requirements and guidelines: Conforming loan amounts only (up...Occupancy Fraud: Don’t Do It
Occupancy fraud has become one of the mortgage industry’s biggest issues, especially now that income fraud is nearly impossible to commit. Occupancy fraud is the misrepresentation of how you intend to use the property you are purchasing or refinancing. This is...Jumbo Loan with 10% Down Payment?
Back in the day, we only had a conforming loan limit (currently $417k), and any loan amount above that was considered Jumbo. Now we have three levels of loan limits and down payment requirements for Conventional loans. (FHA will allow 3.5% down payment up to a...An Upcoming Change to the Lending Industry: The “Qualified Mortgage” Rule
Earlier this year, the Consumer Financial Protection Bureau (CFPB) released the details for the “ability to repay” and “qualified mortgage” rule. The rule will go into effect on January 10, 2014. “[The Qualified Mortgage] is intended to create a class of ‘safer’...Loan Calculator
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