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 →
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 →
Bitcoin has been a popular subject in the news lately and it’s been causing quite a stir in the real estate and mortgage industries, as well. What is Bitcoin? In case you weren’t aware, bitcoin is a type of cryptocurrency. It is a decentralized type of digital currency that allows Continue Reading →
The National Association of Realtors just released its October 2017 pending home sale index report for the United States. A pending home sale is one that is in contract, but has not yet closed escrow. Economic experts measure this as a barometer for future home sales. The good news is Continue Reading →
