Posts Covering Conforming Mortgages
January 19, 2016 in Conforming Mortgages
Fannie and Freddie have made it easier for home buyers in "high-cost" areas to get mortgage-approved. Rates are now lower and mortgage standards more loose.
June 17, 2015 in Conforming Mortgages
Fannie Mae and Freddie Mac set conforming loan limits for the country. The complete 2015 loan limits, plus a lookup chart by U.S. county. Analysis and live rates.
April 8, 2015 in Conforming Mortgages
Fannie Mae's Conventional 97 mortgage program is official. Just 3% down and ultra-low mortgage insurance rates. Easy-to-follow guidelines.
December 2, 2012 in Conforming Mortgages
For 2013, conforming loan limits range to $625,500 for a purchase and $729,750 for a refinance.
September 17, 2012 in Conforming Mortgages
QE3 is helping to lower mortgage rates, but its effects may not last for long. New g-fees are raising rates nationwide.
September 12, 2012 in Conforming Mortgages
Mortgage underwriting may be strict, but there's no magic formula for getting approved. Satisfy the Mortgage Income-Equity-Credit Triangle.
June 22, 2011 in Conforming Mortgages
You can't control mortgage rates, but you can control your closing costs. Make the most of this Refi Boom -- go zero-cost refi. Here's how.
May 11, 2011 in Conforming Mortgages
Temporary conforming loan limits in high-cost areas are expiring. After September 30, 2011, places like Loudoun County, Virginia; Potomac, Maryland; and Marin County, California will face new, lower conforming loan limit sizes.
December 10, 2010 in Conforming Mortgages
In Winter 2011, Fannie Mae changed its mortgage guidelines to favor personal income over personal assets. Check the "Cheat Sheet" to see how you'll be affected.
November 30, 2010 in Conforming Mortgages
In 2011 -- for the 6th consecutive year -- the single-family conforming mortgage loan limit will be $417,000. The "high-cost" area program is extended, too.
September 29, 2009 in Conforming Mortgages
For the second time in 10 weeks, Fannie Mae is toughening its mortgage guidelines again. Again. According to an internal Fannie Mae document, a review of the group's current "risk appetite, eligibility requirements, mortgage insurance options, and pricing" spawned changes spanning credit scoring, income requirements, loan-level pricing adjustments.
August 26, 2009 in Conforming Mortgages
Effective Tuesday, September 1, conforming mortgage approvals are due to toughen up again. Fannie Mae is imposing strict new lending guidelines that should slow down purchase and refinance activity in Cincinnati and parts elsewhere. It's the first major conforming mortgage guideline change since April and this one is a big one -- 15 separate underwriting areas are affected.
July 20, 2009 in Conforming Mortgages
Mortgage approvals are getting more difficult. Again. After reviewing recent unemployment data and market fluctuations, plus patterns of mortgage fraud, Fannie Mae is making major mortgage guideline changes for the first time in more than 6 months. The changes are broad, impacting 15 separate areas of the mortgage approval process. The most impactful change may be Fannie Mae's new restrictions on mortgages for 2-unit properties.
February 24, 2009 in Conforming Mortgages
The government published its 2009 Conforming Loan Limit guidance Monday. Listed by county, the report grants 324 parts of the country a temporary boost beyond the
October 20, 2008 in Conforming Mortgages
In a move that will stymie thousands of would-be home buyers and homeowners, Fannie Mae announced another round of mortgage guidelines changes last week. Unlike past revisions in which Fannie Mae tightened debt ratio and credit scoring requirements, however, the newest underwriting updates zero in home equity and home buyer...
September 9, 2008 in Conforming Mortgages
For owners of investment properties, the mortgage market is getting ugly. In its last act as a semi-private company, Fannie Mae updated its lending guidelines Friday, this time slapping new restrictions and additional fees on income-producing properties. The most impactful change is Fannie Mae's new, 4-property limitation. Based on the...
September 8, 2008 in Conforming Mortgages
Sunday, the government announced that it will takeover Fannie Mae and Freddie Mac and assume their respective operations. Mortgage-backed debt is now government debt. But for all the front page stories today, there's suprisingly little coverage about how the news impacts homeowners in need of a mortgage. Mortgage rates are...
August 29, 2008 in Conforming Mortgages
I spoke with Beejal Patel of First Business last week on Fannie Mae and Freddie Mac's new mandatory loan fees. The story is especially timely because mortgage servicing data showed that a greater number of "prime" mortgages defaulted in July 2008 than sub-prime ones. Now, the data is somewhat misleading...
August 25, 2008 in Conforming Mortgages
Lately, Fannie Mae and Freddie Mac have been in the news every day as economists and lawmakers question the future of conforming mortgages. But among everyday Americans, a more common question is: "What is a conforming mortgage?" A conforming mortgage is one that adheres to the mortgage guidelines set forth...
August 12, 2008 in Conforming Mortgages
Four times annually, the Federal Reserve surveys 84 banks around the country about general lending standards and banking conditions. One of the survey questions asks about current mortgage lending standards and whether it's getting harder, or easier, to get approved for a home loan. Modified from the report, we see...
2016 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)