If you are a home buyer or home owner in a traditional high-cost area of California, like Riverside, San Bernardino, San Diego, Orange, or Los Angeles county, October 1st could be a very bad day for you. Starting October 1, 2011, temporary conforming and FHA insurable loan limits will be lowered nationwide. ________________________________________________________ — UPDATE [...]
Tag Archives | Fannie Mae
Closing Cost Assistance for CA Fannie Mae Foreclosed/REO Bank Owned Homes
Fannie Mae HomePath just announced a special 3.5% closing cost assistance program for Inland Empire California home buyers who purchase a Fannie Mae foreclosure REO bank owned home. The limited 3.5% incentive requires buyers submit request with initial offer after June 14, 2011, and must close escrow before October 31, 2011. This is a great [...]
How FICO Credit Report Disputes Can Get Your Home Loan Denied or Delayed
Did you know that disputing an error on your FICO credit report can actually get your home loan denied? And didn’t your lender and/or ‘credit repair’ guru tell you to dispute all the derogatory accounts in your credit report in hopes of increasing your FICO credit score? Fannie Mae and Freddie Mac have adjusted their [...]
Government is Increasing Loan Costs Again Starting April 1, 2011 (no fooling)
Starting April 1, 2011, the government is increasing loan-level pricing adjustments (higher fees)…..and that’s no joke! Most conforming mortgage applicants will face higher loan costs.
California Conforming and FHA Loan Limits for 2011
Conforming mortgages in California are appropriately named because they conform to the mortgage guidelines set forth by Fannie Mae and Freddie Mac. Of the many traits of a conforming mortgage, one is “loan size” and loan sizes have limits. Mortgages exceeding this loan size limit cannot be securitized as a conforming mortgage and, therefore, are [...]
Changing Again: New Lending Rules Starting December 13, 2010
Starting Monday, December 13, 2010, Fannie Mae is changing its mortgage lending guidelines. Plan accordingly
Fannie Mae/Freddie Mac Mandatory LLPA Fees Prevent Borrowers From Getting Their Absolute Lowest Rate
Conventional California mortgage rates in the Inland Empire may be posting all-time lows this week, but that doesn’t mean you’ll be eligible for them. You may have already called your loan officer and found this out the hard way. It’s because of a federally-mandated mortgage-pricing scheme known as “loan-level pricing adjustments”.
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