Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with ...
Timing the market for the best possible opportunity to lock a mortgage rate on a ...
While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines ...
Fannie Mae reduced the waiting period for borrowers who foreclosed after discharging the mortgage debt through bankruptcy to just 4 years! Details can be read in Fannie Mae’s Selling Guide SEL-2014-10. Previously, homeowners who included a mortgage in bankruptcy were forced to comply with the foreclosure and/or deed-in-lieu of foreclosure waiting period of 7 years. [...]
Fannie Mae quietly surprised the lending world and announced that starting August 16, 2014, the waiting period to qualify and buy after short sale has been EXTENDED to 4 years when using Conventional financing. Boomerang buyers who short sold will no longer be able to use Conventional financing and buy in as little as 2 [...]
FHA Commissioner Carol Galante announced the HAWK (Homeowners Armed With Knowledge) pilot counseling program that will reward FHA borrowers with reduced mortgage insurance premiums. The HAWK for New Homebuyers is a HUD approved home ownership counseling program that will reward qualified first time home buyer particpants with reduced Up Front Mortgage Insurance Premiums (UFMIP) as [...]
When applying for a mortgage to buy a home, it’s important to know how student loan debt, even if it’s deferred or in forbearance, can impact how much loan you will qualify for. Unfortunately, there is a lot of misinformation on the Internet by ‘financial experts’ and even from other mortgage loan officers about how [...]
California’s Teachers, Educators, and School District Employees have several home mortgage and home buyer assistance programs besides the suspended CalSTRS Teacher home loan. Below is a brief summary and complete list of Teacher home loan and home buyer down payment assistance programs in California. Extra Credit Teacher Home Purchase Program The ECTP home buyer assistance [...]
Good news! The California Housing Finance Agency (CalHFA) just announced they will increase the maximum DTI ratio from 43% to 45% that is allowed on CalHFA first lien and down payment assistance silent second mortgage programs. See CalHFA Bulletin 2014-06 The Consumer Financial Protection Bureau (CFPB) recently put into place QM regulations that limited the [...]
What is a MyCommunity Mortgage? The MyCommunity Mortgage® is a Fannie Mae low down payment affordable lending program that gives borrowers access to flexible underwriting guidelines and discounted private mortgage insurance (PMI) rates for moderate income home buyers. Many mortgage banks don’t offer the MCM program end even fewer loan originators take the time to [...]