Landlord Experience Requirement is coming back or is it? Freddie Mac
Sunday, January 14
Later this year in 2018 Freddie mac has finally announced some guidelines to use when determining short term rental income.The guidelines will require there to be two year history via the tax returns which isnt too shocking but, what is is that there are no required lease agreements. Prior, when...
Home Style Renovation Loans - Fannie Mae Vs FHA 203k Renovation
Monday, December 25
A great program that is lesser known is the HS program or home style renovation loan from Fannie Mae.It is similar to FHA's 203k renovation product in that it allows a borrower to finance both the purchase cost, rehab cost, and some carrying costs into the new loan.The rehab must be able to be fi...
Update on How Fannie May Counts Financed Properties
Monday, December 25
Prior to Dec 2017 Fannie Mae used to count financed properties based on who was obligated on the mortgage as in personally guaranteeing the note OR if a borrower was listed on title.As of Dec 2017 Fannie has issued a statement revising their definition of what constitutes a "financed property," f...
Fannie Mae Loosens up their guidelines for Student loans and qualifyin
Sunday, April 30
As of 4.25.17, Tuesday, Fannie Mae announced they will now make it easier to get financing especially when you have student loans you want to refinance into your home mortgage or if you have debts that are being paid by "others."Prior when you had co-obligated debt where someone else who co-signe...
How to Payoff your Loan in 5-7 years, is that possible?
Friday, April 14
Common perception has it that the way to get the best deal is that you should get the lowest rate on your 30 year fixed loan. The problem is the darn loan takes 30 years to payoff if you make the min monthly payment for 30 years!The advantage of 30 year fixed loans are that they have predictable ...
Lending Guidelines Have loosened.... or have they?
Tuesday, April 11
Here are some updates currently with Fannie Mae conventional financing:- FNMA has removed the higher down payment or equity requirements for high balance loans. For those of us in higher priced markets where the high balance limit is higher than 424,100, we used to be subject to higher down payme...