The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant”, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.
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Fannie Mae Guideline Change: The Death of Conforming Interest Only Mortgages?
If you plan to finance or re-finance your Inland Empire home with a conforming interest only mortgage, get your loan application submitted no later than this Friday, June 18. Fannie Mae is clamping down on the popular conforming interest only loan product for California Residents. An “interest only” mortgage is exactly what its name implies — [...]
HUD Allows FHA Home Loans for Purchase of California Investor ‘Flip’ Properties
HUD/FHA just announced a wiaver for home buyers in the Inland Empire region (Temecula, Murrieta, Menifee, Lake Elsinore, Corona, Riverside, Norco, Ontario etc) of California where they can now appply for FHA home loans to purchase investor flip properties that have been owned for less than 90 days by the seller. This is great news for all of us in Riverside and San Bernardino County where there are many investors buying foreclosed homes, rehabbing gthem, and selling back to first time homebuyers.
Borrower Beware! Fannie Mae’s Loan Quality Initiative: Repulling Your Credit Just Before Closing
A new loan quality initiative from Fannie Mae is making it harder or more riskier for home buyers and refinancing homeowners in California to close on a mortgage.
The Right Way To Document A Cash Gift For Downpayment
As lenders tighten mortgage guidelines, minimum downpayment requirements are increasing. It’s leading to an increase in the number of buyers accepting cash gifts from family. There’s a right and wrong way to accept a gift.
Your Mortgage Loan Approval Isn’t Final Until It’s Funded
A mortgage approval in California is never final until it’s funded. A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
1 In 8 Banks Tightened Prime Mortgage Standards Last Quarter
The Federal Reserve says that financial markets “remain supportive of economic growth”. Residential mortgage guidelines, however, continue to tighten. If you’ve applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve’s quarterly survey of its member banks.
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