If you don’t have a large down payment for a home, you might think you are out of luck. While the FHA offers a 3.5% down payment loan, Fannie Mae and Freddie Mac also have options. Fannie Mae offers the HomeReady loan and Freddie Mac has the Home Possible loan. While both are similar, they have some Read more
FHFA Conforming Loan Limits Increase for Two Consecutive Years
Due to the drastic rise in home values all throughout most of the country, the Federal Housing Finance Agency has announced an increase in the conforming loan limits across the United States.The announcement happened on November 28, 2017 (Tuesday) by the FHFA. This increase was done to match the Read more
Qualifying for a Conventional Mortgage Is More Secure With Truncated Asset Account Numbers
The release of Desktop Underwriter® Version 10.1 means more convenience for borrowers applying for conventional loans, cutting back on appraisals, project reviews, and self-employment income requirements. Not only that, Fannie Mae allows for shortened or truncated asset account numbers to further Read more
Fannie Mae Removes Cash-out Seasoning for Properties Listed for Sale
It’s not everyday that a home is sold in a month or less. Some properties remain unsold on the Multiple Listing Service (MLS) for six months. What if a homeowner has a change of heart and decides to do a cash-out refinance instead? What about the usual cash-out seasoning period?Existing Read more
A Sight to Behold: Fannie Mae Removes Project Reviews for Site Condos
Project reviews on condo, co-op and planned unit development projects safeguard Fannie Mae’s interest in mortgages securing units in those projects. But a subset of detached condominiums called site condos has earned an exception from Fannie’s rigorous project risk review.Site condos are not the Read more
