This week, rates for mortgage loans with a 30-year fixed loan term had dropped to its lowest this year. The progressive decline in rates continued for six consecutive weeks. This is according to the The Washington Post report yesterday, September 7.Average 30-year fixed rates dropped Read more
More Appraisal-Free Mortgages as Fannie Mae Expands Property Inspection Waiver
More homeowners and homebuyers can hope for appraisal-free transactions as Fannie Mae’s property inspection waiver is in full swing. Approvals on conventional loans with no appraisal are expected to climb, reducing the costs and time it takes to get a mortgage.An appraisal is a staple in any Read more
Qualifying for Mortgages Is Now Easier for Self-Employed Borrowers
Fourteen percent (14%) of respondents surveyed by the Federal Reserve Board received income from self-employment in 2016. And nearly 15 million Americans are self-employed based on Pew’s research.Up until now, it’s been widely known that there are great challenges faced by self-employed Read more
Is Your DTI High? 45%–Even 50%? You Could Qualify Under Fannie Mae’s New Rules
With the recently higher property values and record levels of debt in America today, many applicants have been pushing the upper limits of allowable debt-to-income (DTI) ratios. High DTI ratios have always been an issue, an impediment even to getting a mortgage.But the July 29th release of Read more
Fannie Mae Tackles Student Loans, Timeshares and More in Far-Reaching Mortgage Guideline Update
Fannie Mae’s rollout of Desktop Underwriter® Version 10.1 on July 29, 2017 was more than just a periodic software update. The new release had significant changes that signaled the government-sponsored enterprise’s (GSE) loosening of its mortgage guidelines on several fronts to widen mortgage credit Read more
