Home Loan Rules Ease in July

Self-Employed & Debt to Income Changes 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 … [Read more...]

The “No Credit Required” Home Loan

No Credit Score Needed Home Loan No, you did not just travel back to 2003 and the "anything goes" mortgage era.   There really is a home loan option for those who do not have a credit score.  If you think this sounds like the "have a pulse/get a loan" mortgage products from the wild wild west mortgage days of the early 2000's you are I get it.  It did to me too. Today, with regulations such as Dodd Frank and TRID in place mortgage lenders would seal their own fate if they offered … [Read more...]

Financing Multiple Properties – Freddie Mac’s Way

Freddie Mac Now Allows 6 Financed Properties Sometimes, things come to those who wait, that’s what the Heinz Ketchup folks taught me. Freddie Mac (Conventional Home Loan Investor counterpart to Fannie Mae) likes to often emulate the thickest slowest Ketchup possible.  But finally!  Freddie Mac is offering a program that allows investors to finance more than 4 properties Prior to this an investor was either stuck at financing 4 properties or utilizing Fannie Mae’s Multiple Financed … [Read more...]

HOME Plus Down Payment Assistance Program Gets Facelift

HOME Plus Down Payment Assistance Gets Face Lift The OIG/HOME in 5 investigation/aka – “witch hunt” (click HERE for more on HI5)  is directly impacting another well-known and frequently used down payment assistance program – HOME PLUS.  The issue the OIG had with HI5 was that the discount point charged was not being used to lower the borrower’s rate.  Not surprisingly, HOME PLUS has proactively adjusted their guidelines IMHO to avoid a similar fate. What is New with Home Plus: 1.      No … [Read more...]

Mortgages Simplied by Fannie Mae – Conventional

Mortgages Just Got Easier - Thank You Fannie Mae! Unreimbursed business expenses, complex reserve requirements, retirement account value and paper-trailing down payment funds are all guidelines born out of our housing crisis.  Mortgage Lenders and clients alike have toiled and tangled with these rules for years! Finally, as a result of Fannie Mae feeling that we are through the housing crisis, they are now repealing some of the guidelines they put in place during that exciting time … [Read more...]