Expect Delays in Securing a Home Loan come October 3rd
The Consumer Financial Protection Bureau (CFPB) has mandated a change to closing cost disclosures in the mortgage industry, effective October 3, 2015. This change will affect closing periods on both purchases and refinances. The TILA-RESPA Integrated Disclosure (TRID)...Some Fannie Mae Lending Guidelines Loosening Up
It has taken about seven years after the credit crunch in 2008, but we are starting to see the lending guideline pendulum swing the other way. Many of the conservative rules that were instilled after the housing crisis are starting to loosen back up. Here are some of...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...Loan Calculator
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