Posts Covering Conforming Mortgages

2014 Conforming Loan Limits : Fannie Mae And Freddie Mac Set Loan Size Limits For Every U.S. County

Fannie Mae and Freddie Mac set conforming loan limits for the country. The complete 2014 loan limits, plus a lookup chart by U.S. county.

“Delayed Financing” Mortgage : Pay Cash For A Home Today, Do Cash-Out Refinance Tomorrow

A Fannie Mae mortgage program lets home buyers cash-out refinance a home purchased with cash just one day after closing. Read more and get mortgage rates.

New For March 2014 : Government Announces Mandatory Loan Fees Which Affect Today’s Low Mortgage Rate

The government announced two new "g-fees" for early-2014. Mortgage rates will rise as much as 0.875%. Beat the change. Get quotes today.

The Fannie Mae 97% Conventional Loan

Fannie Mae's Conventional 97 mortgage program is official. Just 3% down and ultra-low mortgage insurance rates. Easy-to-follow guidelines.

2013 Jumbo Loan Limits : Loan Sizes Up To $625,500

For 2013, conforming loan limits range to $625,500 for a purchase and $729,750 for a refinance.

2013 Conforming And Jumbo Loan Limits For Every U.S. County

2013 conforming and jumbo loan limits vary by county. New rules grants loan size exceptions up to $729,750.

Mortgage Rates : QE3 Benefits Sliced By New Mortgage “G-Fees”

QE3 is helping to lower mortgage rates, but its effects may not last for long. New g-fees are raising rates nationwide.

Improve Your Mortgage Approval : The Income-Equity-Credit Triangle

Mortgage underwriting may be strict, but there's no magic formula for getting approved. Satisfy the Mortgage Income-Equity-Credit Triangle.

Delayed Financing Rule : Pay Cash For A Home, Cash-Out Refi Next Day

If you paid cash for a home within the last 6 months and want to take "cash out", you can. It's because of a new mortgage allowance named the Delayed Financing Rule. The standard 6-month seasoning requirement on home purchases has been eliminated.

FHA Loan Limits Raised To $729,750; Conventional To Remain At $625,500

FHA loan limits now exceed conventional loan limits in some high-cost areas. As of November 18, 2011, the FHA will insure up to $729,750. Fannie Mae and Freddie Mac cap at $625,500.

The 2011 Refi Boom Begins : Should I Refinance My Mortgage?

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.

“Should I Refinance My Adjusting Adjustable-Rate Mortgage?”

A lot of ARMs from 5 and 7 years ago are adjusting lower these days -- not higher. It's because ARM resets are math-based and the math is more favorable for borrowers than at any time in history.

The (Forthcoming) End Of The $729,750 Conforming Loan Limit

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.

Explaining Loan-Level Pricing Adjustments (Featuring An Online Calculator)

Loan-level pricing adjustments are government-mandated closing costs. And they're rising April 1, 2011. See how LLPAs work and run your loan scenario against this online calculator. Maybe *your* loan will trigger new fees, too.

Winter 2011 : “Cheat Sheet” For The New Fannie Mae Guidelines

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.

2011 Conforming Mortgage Loan Limits By County, Including “Normal” and “High-Cost” Areas

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.

Banks : We’re Careful In Underwriting, And We’re Scrutinizing You

Low mortgage rates don’t matter if you can’t qualify for them. And banks are still tightening. Here's what to do.

Fannie Mae To Get Tougher On Mortgage Insurance, Income Levels and Credit Scores

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.

Have You Given Your Application Yet? In 5 Days, New Mortgage Guidelines Go Into Effect And They’re Harsh.

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.

Signs The Recession May Be Ending : Banks Get Semi Mortgage-Friendly

Since May, just one-fifth of the Fed's responding banks said mortgage guidelines had tightened. This number is dramatically less than last quarter's results when the survey posted a 50 percent figure. It's just one more sign that banks are warming to the economy and that may portend the end of the recession.

Fannie Mae Toughens Guidelines On 2-Unit Homes, Trailing Spouses And Retirement Portfolios

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.

Federal Reserve Member Bank Survey Results : Is It Easier, Or Harder, To Get A Prime Mortgage Versus Last Quarter?

Each quarter, in a survey of its member banks, the Federal Reserve asks senior loan officers whether their respective prime residential mortgage guidelines have tightened over the 3 months prior. May's survey showed that half of all banks had tightened.

2009 Conforming Loan Limits : Temporary Increases And Sub-Area Snubs

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

Starting December 13, 2008, Many Mortgage Approvals Will Require Larger Downpayments And More Home Equity

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...

Why Mortgage Guidelines Are More Important Than Mortgage Rates

Shortly after Fannie Mae and Freddie Mac were nationalized, there was a lot of "Mission Accomplished"-like chatter on TV; as if suddenly-low mortgage rates were the answer to a national housing problem. Look, low mortgage rates don't matter if you can't qualify for them and, on that front, it's been...

Fannie Mae’s Last Act : New Loan Fees And Maximum Property Restrictions For Real Estate Investors

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...

Explaining What The Government’s Takeover Of Fannie Mae and Freddie Mac Means To Mortgage Rates (In 265 Words)

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...

Interview With First Business : New Fannie Mae and Freddie Mac Loan Fees

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...

What Is A “Conforming Mortgage”?

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...

A Six-Figure Income And Impeccable Credit Doesn’t Insulate You From Tightening Mortgage Guidelines

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...

2014 Conforming & FHA Loan Limits

Mortgage loan limits for every U.S. county,
as published by Fannie Mae & Freddie Mac, and the FHA.