The Federal Housing Finance Agency (FHFA) just announced that they will be raising the maximum conforming loan limits in 2019. This is a direct reflection of rising home prices, and it’s another way to help more home buyers qualify for loans. Throughout the country, this laregly affects buyers in the Continue Reading →
In an effort to improve the mortgage loan application process, Fannie Mae and Freddie Mac (under the direction of the Federal Housing Finance Agency (FHFA)) have significantly redesigned the standard home loan application form. This new form, known as the Uniform Residential Loan Application (URLA), will be adopted by lenders Continue Reading →
As of December 31, 2018, the Home Affordable Refinance Program (HARP) is being eliminated by Fannie Mae and Freddie Mac. This program was originally established to help homeowners who were struggling after the housing bubble burst in 2008. Since the economy (and especially the housing and lending markets) have recovered Continue Reading →
A HomeReady mortgage is a specific type of home loan offered by Fannie Mae. They are designed to help low- and moderate-income borrowers who are looking to buy a home or refinance their current loans. The primary advantages are lower down payments and reduced private mortgage insurance (PMI) requirements. They Continue Reading →
Absolutely. And we are seeing mostly positive outcomes this time around. There are key distinctions between the sub-prime of old that got everyone into trouble and these new loans, also called “non-prime”, “Non-QM” (Non Qualified Mortgage) and “Alternative Financing”. The two primary being much larger down-payments required (20%+) and a Continue Reading →
