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 — [...]
Tag Archives | Fannie Mae
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.
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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