All articles about Fannie Mae

What is a My Community Mortgage?

According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see the light and with fewer homeowners in the marketplace they have to compete for those who actually can buy a home.

While credit and income are still pretty non-negotiable, according to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs Continue reading What is a My Community Mortgage?

FAQ – How Will a Government Shut-down Delay My Mortgage Loan Application?

faqThere’s been a lot of rhetoric coming from both sides of the congressional aisles these days; from Democratic and Republican parties and even a few in between. But  recently the media has begun reporting government shutdown fallacies as facts. I’ve stayed out of this very heated political discussion for obvious reasons, but when a client recently sent me this article Shutdown impact: Tourists, homebuyers hit quickly from of all places the Associated Press, I just had to respond.

Answer(s)

Continue reading FAQ – How Will a Government Shut-down Delay My Mortgage Loan Application?

Private Mortgage Insurance helps lead the way in the Housing Recovery

Private Mortgage Insurers leading the way in housing recovery

Here's a link to Ricardo Cobos's mobile tool kit for mortgages: http://raleigh.mortgagemapp.com/mobile
Example of how PMI stretches your home-buying dollar.

 

One of the earliest indicators of the housing meltdown which began in 2007 was that issuers of Private Mortgage Insurance (PMI) began to contract their underwriting guidelines for issuing PMI policies.  In fact, so bad was the meltdown that many PMI companies either stopped issuing policies altogether while some were even forced file for bankruptcy protection. Continue reading Private Mortgage Insurance helps lead the way in the Housing Recovery

President Obama Urges Congress to expand HARP to ALL Homeowners

President Obama calls on Congress to expand HARP to ALL homeowners.

In his June 1, 2013 weekly address to Americans posted to the White House Youtube channel the president made the following assertions about the US economy.

  • Businesses have created nearly 7 million new jobs over the past 38 months.
  • An auto industry that was flat lining is once again the heartbeat of American manufacturing – with Americans buying more cars than we have in five years.
  • Within the next few months, we’re projected to begin producing more of our own crude oil at home than we buy from other countries – the first time that’s happened in 16 years.
  • Deficits that were growing for years are now shrinking at the fastest rate in decades.  The rise of health care costs is slowing, too.
  • And a housing market that was in tatters is showing new signs of real strength.  Sales are rising.  Foreclosures are declining. 
  • Construction is expanding.  And home prices that are rising at the fastest rate in nearly seven years are helping a lot of families breathe a lot easier. Continue reading President Obama Urges Congress to expand HARP to ALL Homeowners

Fannie Mae Introduces new Short Sale Tool

Buying a home is one of the most exciting and scary times in a person’s life but it is also very complicated. There are a number of parties to this transaction and they read like a movie credit in order of appearance:

  Continue reading Fannie Mae Introduces new Short Sale Tool

Important Changes to Home Affordable Refinance Program (HARP)

Today the federal government  announced new rules that may allow homeowners who are struggling borrowers to refinance their mortgages at today’s ultra-low rates by  reducing monthly payments for some homeowners. The goal is that the monthly savings could provide a modest boost to the economy. It is important to note this help is NOT available to persons struggling to make the payments, in other words if you are behind on your payments you need not apply. Continue reading Important Changes to Home Affordable Refinance Program (HARP)

Obama: Subprime lending immoral, not illegal

Official presidential portrait of Barack Obama...
Image via Wikipedia

Obama: “Subprime lending immoral, not illegal” http://ow.ly/6PE2P

Today the president took a question from a  reporter who asked him why his administration had failed to file suit or enforcement action against corporate leaders for the 2008 financial crisis that ultimately led to numerous bank, insurance, auto-maker and state bailouts. To that the president replied…

“If someone has engaged in fraudulent actions — if they have violated laws on the books, they need to be prosecuted,” President Obama said. “One of the biggest problems about the collapse of Lehman, the financial crisis and the subprime lending fiasco is that all of that stuff wasn’t necessarily illegal.” Continue reading Obama: Subprime lending immoral, not illegal

The Trouble With Trial Mortgage Loan Modifications

Image courtesy WSJ.com

These days there seems to be no shortage today of people or politicians angry at mortgage companies.  Most however tend to be  customers of the nations five largest mortgage servicers;

Bank of America, Wells Fargo Home Mortgage, JP Morgan Chase & Ally Financial.

The source of anger tends to be  focused on  foreclosure, short sale request or loan modifications aka work-outs that never seem to get worked out and result is foreclosure. Continue reading The Trouble With Trial Mortgage Loan Modifications

FEMA Declared Disaster Area – Loan Application in Process

Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand.

This post is intended to be an overview of what additional inspections and verification a homeowner or seller can expect in the mortgage application process for a home in a declared disaster area. Continue reading FEMA Declared Disaster Area – Loan Application in Process