Freddie Mac is introducing a streamline refinance for conventional loans starting July 1st, 2013. The difference between this new streamline refinance program, and Freddie’s standard modification program is that it would require less documentation. Facts about Freddie Mac’s conventional streamline program… 1) The Streamlined Modification will target borrowers who are at least 90 days delinquent…
If you originated your FHA loan after April of 2009, and you want to refinance I would recommend you consider using a conventional loan. Here’s why… Even if your rate is 4.5% or higher it just doesn’t make sense to use an FHA streamline to refinance in cases where loans were originated after April of 2009. The…
When I look back on my blog posts over the years the most widely read posts consistently have to do with credit. People want to know the minimum credit scores they need to get the loan program they are interested in. Today I wanted to address the minimum credit scores needed to get a conventional…
Did you realize you can purchase houses directly from HUD for $100 down? HUD designates some of the homes they own as being eligible for their $100 down program. You would just need to ask your realtor for a list of these homes in your area. Here are some of the requirements for this $100…
Just got back from a week in Crested Butte skiing. Great town. Great Mountain. Awesome time with family! Here’s a picture of me and my boys on the lift… Quick mortgage tip… If you are shopping for a mortgage make sure your mortgage company has the ability to broker…
Fannie Mae has changed their definition of a Limited Cash Out loan in their latest selling guide (SEL-2012-14). This will be effective with all applications dated March 1st, 2013 and after. The changes are… 1) If the borrower finances the payment of real estate taxes for the subject property in the loan amount, but is…
I like to use video as a teaching tool for potential borrowers. Recently I created a series of short videos that show how to get a mortgage with various credit issues. I wanted to make these available to you in case any of them might apply to you… Here are the various subjects of each…
Of all the blog posts I’ve made over the years this one particular post gets searched for and read more than any other… …So, I wanted to touch on it again here to remind you that it is possible to get a mortgage if you owe the IRS back taxes. Here is what it takes……
Here’s an easy way to put down only 3%, pay no up front Mortgage Insurance, and get a very competitive rate… …It’s Fannie Mae’s 97% purchase product! Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 720 FICO score. 3) 3% down payment must come from the…
Did you know that it is possible to get mortgage insurance on a conventional loan with a debt to income ratio higher than 45%? …it’s true! For a long time you couldn’t find an MI company willing to write mortgage insurance on a conventional loan with a DTI higher than 45%. Now there are some companies…