In the most basic sense, a “jumbo loan” (also known as a “jumbo mortgage”) is exactly what it sounds like. It is a larger-than-usual mortgage loan for borrowers purchasing a more expensive luxury property or in a highly competitive real estate market. It is important to understand what jumbo loans Continue Reading →
On November 24, the Federal Housing Finance Agency (FHFA) announced the new maximum conforming loan limits for mortgages that can be acquired by Fannie Mae and Freddie Mac starting on January 1, 2021. Per the Housing and Economic Recovery Act (HERA) the conforming loan limits are adjusted every year based Continue Reading →
The Federal Housing Finance Agency (FHFA) just announced that it will be pushing back the proposed refinance mortgage fee from September 1 to December 1, 2020. This means that Fannie Mae and Freddie Mac will not be implementing this controversial loan pricing adjustment for three more months. Understanding the Refinance Continue Reading →
Fannie Mae and Freddie Mac recently posted an article co-written by their respective CEOs, Hugh R. Frater and David Brickman. They wanted to personally address some of the latest news and information coming out about their organizations, primarily the pricing adjustments they are planning to implement on refinance mortgage loans. Continue Reading →
Many of the country’s top lenders and financial associations have been pressuring the Consumer Financial Protection Bureau (CFPB). They have been asking to eliminate the strict debt-to-income (DTI) ratio requirement that is currently part of the Ability to Repay/Qualified Mortgage (QM) rule. What Are the Current DTI Requirements? Mortgage loan Continue Reading →
