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Quietly, the FHA has been formulating changes to its condo mortgage guidelines.
Federal Reserve Governor Elizabeth Duke said mortgage lending is suffering because the "rules of the game" keep changing.
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.
Last quarter, not a single bank tightened its prime residential mortgage guidelines. The economy is looking up, and so are mortgage rates.
These days, different lenders apply different underwriting standards. A home loan that's denied by one bank may be approved by another. Here's how to re-apply.
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.
As programs like HARP II and the FHA Streamline Refinance break down refinance barriers, big banks are raising minimum mortgage standards. Mortgage rates are the lowest in history right now but fewer applicants qualify.
Mortgage underwriting is strict, but there's no magic formula for getting approved. Satisfy the Mortgage Income-Equity-Credit Triangle. That's it.
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.
Independent banks have stopped tightening the mortgage money spigot. The shift is good news for home buyers and anyone else who's watched underwriting standards get tough since last decade.
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.
Low mortgage rates don’t matter if you can’t qualify for them. And banks are still tightening. Here's what to do.
If your pre-qualification and/or pre-approval letter is more than 8 weeks old, get yourself "re-pre-approved". Mortgage guidelines have been in flux and your original lender letter may now be invalid.
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.
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.
