Category: Mortgage Tips
2015 Regulatory Changes
2014 was a big year from a regulatory stand point. We saw some big changes hit from Dodd-Frank, which put the industry on its head for a few months in the beginning of the year and had the markets unsure of how to react. The changes last year focused on the borrower’s ability to repay. […]
FHA Vs. Conventional With New 3% Down Payment Options
Until this month, there has been a clear line in the sand for which loan program made the most sense for a specific borrower. Common wisdom dictated that if you had sound credit and at least 20% to put down on a house, you would go with a conventional mortgage because the fee structure was […]
3% Down Payment Freddie Mac Program
Last week I discussed the 3% down payment Fannie Mae program and how that might impact borrowers. This new program is going to open up a lot of opportunities for homebuyers with good credit and small down payments by allowing them to still qualify for preferred pricing through conventional loans. But in addition to the […]
Happy Holidays
Have a happy and healthy holiday season this year! I can’t think of a better holiday gift than finding the house of your dreams. If you are in the market for a new house and need some help with a preapproval letter or understanding what you can afford, please contact me. Otherwise, be safe, be […]
3% Down Payment Fannie Mae Program
As I discussed on Tuesday, Fannie Mae and Freddie Mac have announced they will begin offering 3% down payment conventional mortgage loans. This is a big win for homebuyers, as it opens up a whole new avenue for home purchase for those with small down payments but who are ready and qualified in every other […]
New 3% Down Conventional Mortgage Programs
Fannie Mae and Freddie Mac have recently announced that they will begin backing conventional mortgages with as little as 3% down. This puts conventional mortgages into a new arena which they have not been in for almost 5 years, namely, the low down payment space. Until the announcement on Monday, the lowest Fannie and Freddie […]
Biweekly Mortgage Payments: A Holiday Gift to Yourself
Whenever I do a mortgage for a client buying a new house, I discuss their options in detail with them. This includes various mortgage programs, such as FHA, conventional, VA, etc.; mortgage terms, such as 15 year fixed, 30 year fixed, 10 year fixed, etc.; and what types of mortgage are available, such as option […]
How to Get a Mortgage Closed in Less Than 30 Days
As the year comes to an end and we enter December, the crunch begins to meet year-end closing deadlines. There are a number of reasons why people want to close by the end of the year, but most of them revolve around taxes. And I find that every year during this first week of December, […]
What if I Miss My Closing Date?
A concern for anyone buying a house is missing a closing date. This can cost the buyer their earnest money, kill a deal, or leave them without a place to live if they are selling a house and buying a new one. There are dozens of reasons why buyers miss a closing date, but the […]
Can I Buy a House if I Had a Short Sale?
On Tuesday, I wrote about what to do to buy a house after a foreclosure. I didn’t think to include anything in reference to buying a house after a short sale, but several people have already asked, so I figured I would address it here. Buying a house after a short sale is much like […]