Posts discussing Conforming Mortgages | Mortgage Rates & News from The Mortgage Reports

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07May2012
Author
Dan Green
Filed Under
Conforming Mortgages
HARP Refinance Program : The Complete HARP II Eligibility Requirements Thumbnail

HARP Refinance Program : The Complete HARP II Eligibility Requirements

The Home Affordable Refinance Program (HARP) is revamped and extended. There are no LTV requirements and fewer loan fees. It's a complete refinance overhaul.

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30Apr2012
Author
Dan Green
Filed Under
Conforming Mortgages
Why Lenders Are Falling Over Backwards For Your HARP Mortgage Application Thumbnail

Why Lenders Are Falling Over Backwards For Your HARP Mortgage Application

HARP mortgage rates have dropped as banks get competitive.

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24Apr2012
Author
Dan Green
Filed Under
Conforming Mortgages
HARP 3.0 : What It Means, Who May Qualify (Including Mortgage Rates) Thumbnail

HARP 3.0 : What It Means, Who May Qualify (Including Mortgage Rates)

Forget HARP 2. The talk is now for HARP 3. See who might qualify for HARP 3 and who the government might try to help.

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17Apr2012
Author
Dan Green
Filed Under
Conforming Mortgages
What To Do When Your HARP 2.0 Application Is Denied For High Loan-To-Value Thumbnail

What To Do When Your HARP 2.0 Application Is Denied For High Loan-To-Value

41 percent of HARP applicants report LTVs over 125%. Why are these homeowners having a hard time getting approved for HARP 2.0?

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09Apr2012
Author
Dan Green
Filed Under
Conforming Mortgages
2012 Conforming And Jumbo Loan Limits For Every U.S. County Thumbnail

2012 Conforming And Jumbo Loan Limits For Every U.S. County

The 2012 conforming loan limits vary by property-type and location. See what your area's conforming mortgage and jumbo loan limits are in 2012.

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02Apr2012
Author
Dan Green
Filed Under
Conforming Mortgages
The 10 Most Common States For HARP 2.0 Refinances Thumbnail

The 10 Most Common States For HARP 2.0 Refinances

Some interesting statistics are emerging from among the first wave of HARP 2.0 mortgage applicants. Includes interactive, mouse-over map.

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21Mar2012
Author
Dan Green
Filed Under
Conforming Mortgages
HARP Mortgage Applications Surge As HARP 2.0 “Goes Live” Thumbnail

HARP Mortgage Applications Surge As HARP 2.0 “Goes Live”

Mortgage rates are spiking this week and so are HARP 2.0 mortgage applications.

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01Mar2012
Author
Dan Green
Filed Under
Conforming Mortgages
HARP 2.0 : Aggregate Statistics For This Website’s First 6,843 Applicants Thumbnail

HARP 2.0 : Aggregate Statistics For This Website’s First 6,843 Applicants

A street-level, statistical breakdown of the HARP Refinance requests received by this website between October 2011 and February 2012. LTV, Average Interest Rate, Distribution By State, and more.

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01Feb2012
Author
Dan Green
Filed Under
Conforming Mortgages
The First 100 Days Of HARP : Mortgage Rates, LTVs, Statistics And Figures Thumbnail

The First 100 Days Of HARP : Mortgage Rates, LTVs, Statistics And Figures

Statistics, geography, and demographics of the HARP Refinance Program's First 100 Days. Data tracked includes Median LTV, Median Interest Rate, and Average Loan-to-Value.

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11Jan2012
Author
Dan Green
Filed Under
Conforming Mortgages
Delayed Financing Rule : Pay Cash For A Home, Cash-Out Refi Next Day Thumbnail

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.

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01Dec2011
Author
Dan Green
Filed Under
Conforming Mortgages
HARP Mortgage Applicants : Statistics, Demographics And Figures Thumbnail

HARP Mortgage Applicants : Statistics, Demographics And Figures

Statistics, geography, and demographics of the HARP Refinance Program's first applicant wave. Data includes Median LTV, Median Interest Rate, and Average Loan-to-Value.

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21Nov2011
Author
Dan Green
Filed Under
Conforming Mortgages
FHA Loan Limits Raised To $729,750; Conventional To Remain At $625,500 Thumbnail

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.

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31Oct2011
Author
Dan Green
Filed Under
Conforming Mortgages
The New HARP : Breaking Down The Revamped Program’s First Wave Of New Applicants Thumbnail

The New HARP : Breaking Down The Revamped Program’s First Wave Of New Applicants

The U.S. government revamped its HARP program. With charts and commentary, view an analysis of the first 500 would-be HARP participants. Data includes Median LTV, Median Interest Rate, and Average Loan-to-Value.

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19Oct2011
Author
Dan Green
Filed Under
Conforming Mortgages
What To Expect From The Revamped HARP Refinance Program Thumbnail

What To Expect From The Revamped HARP Refinance Program

The HARP mortgage program will be revamped soon, government officials say. A lot more homeowners will be HARP-eligible. Here's what you need to know about the upcoming changes.

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10Aug2011
Author
Dan Green
Filed Under
Conforming Mortgages
Get More Mortgage Approvals : The Income-Equity-Credit Triangle Thumbnail

Get More Mortgage Approvals : The Income-Equity-Credit Triangle

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

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22Jun2011
Author
Dan Green
Filed Under
Conforming Mortgages
The 2011 Refi Boom Begins : Should I Refinance My Mortgage? Thumbnail

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.

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08Jun2011
Author
Dan Green
Filed Under
Conforming Mortgages
“Should I Refinance My Adjusting Adjustable-Rate Mortgage?” Thumbnail

“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.

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11May2011
Author
Dan Green
Filed Under
Conforming Mortgages
The (Forthcoming) End Of The $729,750 Conforming Loan Limit Thumbnail

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.

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22Mar2011
Author
Dan Green
Filed Under
Conforming Mortgages
Explaining Loan-Level Pricing Adjustments (Featuring An Online Calculator) Thumbnail

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.

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10Dec2010
Author
Dan Green
Filed Under
Conforming Mortgages
Winter 2011 : “Cheat Sheet” For The New Fannie Mae Guidelines Thumbnail

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.

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30Nov2010
Author
Dan Green
Filed Under
Conforming Mortgages
2011 Conforming Mortgage Loan Limits By County, Including “Normal” and “High-Cost” Areas Thumbnail

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.

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10Nov2010
Author
Dan Green
Filed Under
Conforming Mortgages
Banks : We’re Careful In Underwriting, And We’re Scrutinizing You Thumbnail

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.

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29Sep2009
Author
Dan Green
Filed Under
Conforming Mortgages
Fannie Mae To Get Tougher On Mortgage Insurance, Income Levels and Credit Scores Thumbnail

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.

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26Aug2009
Author
Dan Green
Filed Under
Conforming Mortgages
Have You Given Your Application Yet? In 5 Days, New Mortgage Guidelines Go Into Effect And They’re Harsh. Thumbnail

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.

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18Aug2009
Author
Dan Green
Filed Under
Conforming Mortgages
Signs The Recession May Be Ending : Banks Get Semi Mortgage-Friendly Thumbnail

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.

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20Jul2009
Author
Dan Green
Filed Under
Conforming Mortgages
Fannie Mae Toughens Guidelines On 2-Unit Homes, Trailing Spouses And Retirement Portfolios Thumbnail

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.

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26May2009
Author
Dan Green
Filed Under
Conforming Mortgages
Federal Reserve Member Bank Survey Results : Is It Easier, Or Harder, To Get A Prime Mortgage Versus Last Quarter? Thumbnail

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.

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04Mar2009
Author
Dan Green
Filed Under
Conforming Mortgages
How The Government’s Home Affordable Program Impacts Homeowners Of All Types Thumbnail

How The Government’s Home Affordable Program Impacts Homeowners Of All Types

Not 10 minutes after The U.S. Treasury's official Home Affordable announcement March 4, 2009, the nation's news sources were already printing misleading headlines and incomplete stories. The ranged from sensational to mundane. Mostly, though, they were incomplete. Rest assured, my friends, you're not getting a 2 percent rate on your...

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24Feb2009
Author
Dan Green
Filed Under
Conforming Mortgages
2009 Conforming Loan Limits : Temporary Increases And Sub-Area Snubs Thumbnail

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

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23Feb2009
Author
Dan Green
Filed Under
Conforming Mortgages
Where To Find The Best Pricing For Jumbo And Super-Jumbo Mortgages Thumbnail

Where To Find The Best Pricing For Jumbo And Super-Jumbo Mortgages

Among the most overlooked elements of the recently-passed stimulus package is the reinstatement of 2008's conforming loan limits. Up from $625,500 to $729,750, homeowners in high-cost areas have a better chance of accessing today's low mortgage rates and that is good for both housing and the economy. Areas designated as...

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20Feb2009
Author
Dan Green
Filed Under
Conforming Mortgages
Back To $729,750: Conforming Loan Limits In High-Cost Areas Get Stimulus Package Boost Thumbnail

Back To $729,750: Conforming Loan Limits In High-Cost Areas Get Stimulus Package Boost

Another day, another demand-side stimulus for the housing market. Huzzah. In the sprawling 407-page stimulus bill, nestled in on page 111, Congress authorized a reinstatement of 2008's temporary conforming loan limits. Effective immediately, home loans in high-cost areas can be insured by Fannie Mae or Freddie Mac up to $729,750....

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17Feb2009
Author
Dan Green
Filed Under
Conforming Mortgages
Fannie Mae Rescinds 4-Property Maximum : Up To 10 Properties Allowed For “Bona Fide” Real Estate Investors Thumbnail

Fannie Mae Rescinds 4-Property Maximum : Up To 10 Properties Allowed For “Bona Fide” Real Estate Investors

Effective immediately, Fannie Mae is rescinding its 4-financed-property per person restriction.

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09Jan2009
Author
Dan Green
Filed Under
Conforming Mortgages
New Fannie Mae Fees Just Around The Corner. Lock Your Mortgage Rate To Keep Your Closing Costs Down. Thumbnail

New Fannie Mae Fees Just Around The Corner. Lock Your Mortgage Rate To Keep Your Closing Costs Down.

If you're shopping for a conforming mortgage right now, let me be crystal clear -- there's a near 100% probability that your mortgage rate and/or closing costs will be higher come this Monday. Fannie Mae's new fee structure is about to work its way through the system.

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07Jan2009
Author
Dan Green
Filed Under
Conforming Mortgages
Fannie Mae Adds Loan-Level Pricing Adjustments For Condos, Co-Ops and Everyone Else Thumbnail

Fannie Mae Adds Loan-Level Pricing Adjustments For Condos, Co-Ops and Everyone Else

Effective April 1, 2009 -- once again -- Fannie Mae is raising its loan fees. You may want to bookmark this page because should mortgage rates fall over the next however-many months, you'll want to cross-reference your eligibility to secure them. The four-part, mandatory loan fee change was announced December...

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20Oct2008
Author
Dan Green
Filed Under
Conforming Mortgages
Starting December 13, 2008, Many Mortgage Approvals Will Require Larger Downpayments And More Home Equity Thumbnail

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...

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22Sep2008
Author
Dan Green
Filed Under
Conforming Mortgages
How To Plan Ahead For The New, Lower Conforming Mortgage Loan Limits in 2009 Thumbnail

How To Plan Ahead For The New, Lower Conforming Mortgage Loan Limits in 2009

Conforming mortgages are limited by loan size, based on average housing costs around the country. Since 1980, as home prices have increased, so have conforming loan limits. The current conforming loan limit on a single-family home is $417,000. Earlier this year, as part of the Economic Stimulus Act of 2008,...

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19Sep2008
Author
Dan Green
Filed Under
Conforming Mortgages

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...

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09Sep2008
Author
Dan Green
Filed Under
Conforming Mortgages
Fannie Mae’s Last Act : New Loan Fees And Maximum Property Restrictions For Real Estate Investors Thumbnail

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...

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08Sep2008
Author
Dan Green
Filed Under
Conforming Mortgages
Explaining What The Government’s Takeover Of Fannie Mae and Freddie Mac Means To Mortgage Rates (In 265 Words) Thumbnail

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...

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29Aug2008
Author
Dan Green
Filed Under
Conforming Mortgages
Interview With First Business : New Fannie Mae and Freddie Mac Loan Fees Thumbnail

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...

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