Did you know that lenders can add requirements to the actual loan program’s requirements? It’s called lender overlays and it’s common for FHA, VA, USDA, and conventional loans. The lender is the one that takes the risk with the loan. They underwrite and fund the loan. Sometimes they tighten up the Read more
Lenders Loosen Credit Standards Amid Tougher Competition for Fewer Mortgages
If you can’t beat them, join them. Mortgage lenders reportedly eased their credit standards, and will likely to do so, bracing for a tougher competition when mortgage demand is declining.Fannie Mae’s Mortgage Lender Sentiment Survey® for the quarter ended June 30, 2017 reported that the number Read more
FHA Conventional Refinance: A Switch From Conventional to FHA Loan
FHA homeowners have several options when refinancing their existing insured mortgages. Not to be left out, homeowners with non-FHA insured loans can refinance into FHA loans, known as “conventional refinance”. Those with conventional home loans can think these benefits of an FHA conventional Read more