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...]

Real Estate Commission Used for Down Payment

Real Estate Commissions Used for Down Payment - YES! 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, … [Read more...]

Mortgage Rates and The Election

  Mortgage Rates and the Presidential Election Once every 4 years we see clients holding their breath and hitting pause to see how election day unfolds.  How does Nov 8th actually impact mortgage rate trajectory? We hear hip shooter predictions like “in election years rates go up…” or “in election years rates go down.”   The election itself has zero impact on rates.   It is the president elect and their agenda that may have an impact on mortgage rates.   Also, the relationship … [Read more...]

No Appraisal Required on Select Home Loans

No Appraisal Required on Eligible Home Loans The lending pendulum continues to sway toward normalcy.  Pre-meltdown,  lenders could sometimes skip having an appraisal done.  We would get a notice on a loans automated approval that would allow us to skip an appraisal.   It is/was called a “Property Inspection Wavier.”  Property Inspection Waiver = No Appraisal Needed Fast forward to October 2016 and we get to re-introduce you to the Property Inspection Waiver - in other words, NO … [Read more...]

Refinance to Take Over Mortgage Made Possible

Refinancing to Take Over Mortgage Now Simpler Did you, or anyone you know have a family member/friend purchase a home for you because you had a short sale, foreclosure or bankruptcy?   There are countless "renters" out there today who did just that.  With the distressed sale market dust settled, those "renters" are now looking to fulfill their end of the deal with their "landlord" - aka "Uncle Bill."  That means, put the house and mortgage into their name and freeing their "Uncle bill" from … [Read more...]