This message was released by the U.S. Department of Housing and Urban Development covering the newest update to FHA loans. Mortgagee Letter 2013-26 Date: August 15, 2013 To: All FHA-Approved Mortgagees Subject: Back to Work – Extenuating Circumstances Purpose: The purpose of this Mortgagee Letter (ML) is to: Provide minimum underwriting standards and criteria for […]
FHA now allows financing approval with bankruptcy or foreclosure at least 12 months old. The lender must verify and document that: A minimum of twelve (12) months have elapsed since the date of foreclosure or deed-in-lieu The foreclosure or deed-in-lieu was the result of the Economic Event.
President Obama discusses the future of Fannie Mae and Freddie Mac. Steve Furlong had his question directly answered by the President! See the full webcast here: http://www.whitehouse.gov/photos-and-video/video/2013/08/07/president-obama-answers-your-housing-questions-zillow The question was: “President Obama: If Congress is successful in scaling Fannie Mae and Freddie Mac down, what model fills the gap?” His answer was that less […]
Welcome to our Real Estate Glossary. We hope that these definitions will help you to better understand the home buying and selling process. Adjustable-rate mortgage (ARM): a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also sometimes known as a variable-rate mortgage. Amortization: loan payment by equal installments of […]
List of Real Estate Roles Mortgage Specialist This finance professional prequalifies you for the mortgage. He/she reviews your income and ability to afford a home, credit history, and the subject property to insure the loan meets current guidelines. He/she can discuss the financial advantages of home ownership vs renting. May be helpful in helping you […]
Identify what the negative items are that reporting in your credit file. You can review all of your credit information here:www.annualcreditreport.com. AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. It is a free service as long as you do not request your credit score. The individual credit scores usually […]
