I was skeptical concerning his ability to fund the loan, as we had been denied financing from another lender.Mike proved me wrong, by contacting me immediately the next day and indicated he felt we could be funded.
Mortgage Guidelines
Yes, You Can Still Get A Mortgage If You’re Pregnant
The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant”, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.
Fannie Mae’s Loan Quality Initiative : Repulling Your Credit Just Before Closing
A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.
Fannie Mae’s Loan Quality Initiative : Repulling Your Credit Just Before Closing
A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.
The Right Way To Take A Cash Gift For Downpayment
As lenders tighten mortgage guidelines, minimum downpayment requirements are increasing. It’s leading to an increase in the number of buyers accepting cash gifts from family. There’s a right and wrong way to accept a gift.
Your Mortgage Approval Isn’t Final Until It’s Funded
A mortgage approval is never final until it’s funded. A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
1 In 8 Banks Tightened Prime Mortgage Standards Last Quarter
The Federal Reserve says that financial markets “remain supportive of economic growth”. Residential mortgage guidelines, however, continue to tighten. If you’ve applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve’s quarterly survey of its member banks.
Fannie Mae Tightens Guidelines On ARMs And Interest Only Products
For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages.
It’s Time To Re-Approve Your Pre-Approval
If your pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender “re-pre-approve” you. Mortgage guidelines have been in flux and your original lender letter may now be invalid.
Mortgage Approvals Are Getting More And More Scarce
The economy’s improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by. Underwriting guidelines are tightening.
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Joshua Simkin-England
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joshua@simkinengland.com
(925) 299-4565
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