Home Loan Rules Ease in July

Many home-buyers will soon be able to borrow more AND more self employed home loan applicants will be able to use 1 year's worth of tax returns to qualify (instead of 2 years).  Fannie Mae is tweaking its self-employment and debt to income ratio requirements on Conventional Home Loans at the end of July (July 29th, 2017). Debt to Income Ratio Max to Loosen Currently, Fannie Mae (and Freddie Mac) both allow certain home loan applicants to go up to a total (or "back end") debt to income ratio of … [Read more...]

VA Escrow Holdback Reno Loan

Military veterans now have access to a great VA - RENOVATION ESCROW HOLDBACK HOME LOAN.  This home loan option is much like the FHA 203k, HOMEStyle, escrow holdbacks and Jumbo Renovation Loans that we offer but now - for eligible veterans using a VA Home Loan. Veterans can use this VA Escrow Holdback Renovation loan to finance the cost of either required repairs and/or desired improvements to a home.  The great news is that this product is available for both new home purchases and for … [Read more...]

Tax Liens & Judgments May Fall off Credit

Tax Liens & Judgments on Credit Going Away? If you are one of millions of Americans who have an inaccurate tax lien and/or civil judgment on your credit - your time may have finally come!  The 3 major credit reporting agencies (Experian, Equifax and TransUnion) are improving their models effective July 1, 2017 (according to the Wall Street Journal). Whats Happening and When - Judgments & Tax Liens off Credit According to WSJ.com, starting July 1, 2017 the major credit reporting … [Read more...]

Fed Rate Hike | Mortgage Rates Fall

Hot off the press, the Fed voted 9-1 to hike the Fed Funds Rate by .25% today – and mortgage rates dropped considerably immediately.  The notes from the Fed’s meeting today also indicate they are planning 2 more possible Fed Funds rate hikes in 2017 (depending on economic data and indices such as inflation). With our current economic and political environment, this rate hike has and will have more press than most.  While many hear “rate hike” and and do not differentiate which rates were … [Read more...]

Realtor Commission for Down Payment

Home loan guidelines seem to be in a period of flux currently.  Many of the changes are favorable and ease the loan approval process.  One change that was long overdue is to allow Real Estate commissions to be used for down payment on a personal transaction.  While this has not changed with each and every loan type, Freddie Mac has made a change and now allows this. Real Estate Agent’s Commission & Down Payment As of Monday March 6, 2017 Freddie Mac is allowing Real Estate Agents to use … [Read more...]