No Credit Required 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 reckless product like the "No Income No … [Read more...]

Removing Mortgage Insurance Conv

The general consensus among consumers is that Conventional monthly mortgage insurance payments disappear when their home has 20% natural equity.  Maybe, but no so fast!  Conventional Monthly mortgage insurance (referred to as “MI” herein) elimination is either up to a mortgage servicer or it is dictated by the HPA (click here for a copy) – whichever comes first! Mortgage Insurance Removal - 2 Methods Typical MI Removal: Typically, a mortgage servicer will agree to remove MI when home has … [Read more...]

Financing 6 Properties Freddie Mac

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 Properties program for up to 10 properties however … [Read more...]

HOME Plus DPA Gets Facelift

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 more origination fee charged by originating … [Read more...]

Mortgages Simplied by 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 period J.   Effective immediately per Fannie Mae (note: … [Read more...]