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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.
When does "cleared to close" not mean "cleared to close"? When Fannie Mae's involved! Keep your loan approval intact all the way through funding. Here's how.
Start that mortgage application! The government is financing its 2012 Payroll Tax Extension via new, mandatory mortgage fees. You'll get lower mortgage payments on your upcoming purchase or refinance by applying for your loan today.
Fannie Mae's standard mortgage guidelines include its 5-10 Properties Financed Program. Yet, most banks won't offer it to the public. If you've ever been turned down by your bank for having more than 4 properties financed, here's what to do about it.
There is a big advantage to "going FHA" these days -- especially if you're making a low downpayment purchase. FHA mortgage rates are lower than they've ever been as compared to conventional ones, and FHA mortgage insurance rates have yet to rise.
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 Home Affordable Refinance Program (HARP) is revamped and extended. There are no LTV requirements and fewer loan fees. It's a complete refinance overhaul.
The loan-level pricing adjustment (LLPA) system contains more than a dozen "risk characteristics". Here's how they work, complete with an online LLPA calculator.
In February 2009, Fannie Mae approved investors to finance more than 4 properties at a time. Two years later, though, finding a bank that'll do make that loan is tough. You have to search more directly.
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.
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.
Over the last 60 days, bank checking accounts are paying 38% more interest, and interest rates are approaching a 2-year high. It's an insider's signal that a surge in jumbo mortgage rates is coming.
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.
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.
"QE2" is the new buzzword in mortgage markets. It should extend this 23-week long Refi Boom, and increase the number of Double Dippers nationwide.
Starting next week, Fannie Mae is putting major restrictions on the popular "interest only" loan product. This follows Freddie Mac's earlier announcement to discontinue interest only loans entirely.
Ride the mortgage rate roller coaster. Literally.
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.
