New Multi Family Requirements

Posted by & filed under Buying, For Sale or Rent.

New multi family requirements were just announced by Fannie Mae.  This is going to make it harder to purchase a 1-4 family home.  Because Fannie Mae guidelines are now stricter, everyone needs to know about it.  I consider this a strong signal. 1-4 Family Homes Let’s begin with the fact that a 1-4 family home is residential property.  Because it’s residential property, you mortgage it the same way as a…

Fannie Mae Foreclosures Are Homepath Properties

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Looking for a foreclosure?  Don’t know where to find one?  Then check out Fannie Mae foreclosures on www.HomePath.com  Homepath.com is Fannie Mae’s distressed property website where you’ll find all Fannie Mae foreclosures being marketed. The Homepath system offers a tremendous opportunity for a home buyer.  Many Fannie Mae foreclosures offer a Homepath mortgage.   Homepath financing has advantages over other mortgages.  You can put down as little as 3%, no appraisal…

Fannie Mae Changes Mortgage Processing For The Better

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June began a new requirement from Fannie Mae.  Mortgage applicants must now have their credit checked 3 days before closing.  If there are any significant changes, the terms may be adjusted or the mortgage may actually be cancelled.  While this may sound harsh, it also makes sense. When you apply for a mortgage, your credit, debt and assets are checked.  The bank wants to verify that your credit history shows that you are a responsible person and your…

Real Estate Appraisal Rules Have Changed….Uh Oh

Posted by & filed under Buying, Selling.

Real estate appraisal rules have changed in major ways.  The changes are a response to the financial crisis.  It’s an effort to avoid issues in the future that created havoc. When the Home Valuation Code of Conduct went into effect by Fannie Mae and Freddie Mac on May 1st, appraisal protocols for mortgage loans changed. To protect consumers, loan officers, mortgage brokers and real estate agents can no longer choose appraisers….

Stop Foreclosure with a 125% Loan Modification

Posted by & filed under Homeowner Tips, Selling.

Bergen County homes have done better than most housing markets in the US.  They may have done better but they have not escaped the economic collapse.  As a result our home values have depreciated over the past few years. For many homeowners this has created a horrible situation.  Their home is not worth what they paid for it. For homeowners who need to sell their home, many find it impossible…

Fannie Mae and Freddie Mac Are Easing Jumbo Mortgage Terms

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Fannie Mae and Freddie Mac buy mortgages which means that they guarantee them. Without the backing of Fannie and Freddie, mortgage lenders have to find other investors to sell their mortgage loans to and those investors charge more so interest rates are higher. Fannie and Freddie backed mortgages are called conforming; the others are called jumbo. The limit on a conforming mortgage is $417,000 but that is about to change….