Mortgage Guidelines,Rules and Regulations - 6.5 Ways to Use Mortgage Currentcy

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(Fannie Mae) Finally, Fannie has coherent rules for foreclosures, short sales, deed-in-lieu events...if a borrower avoids a full foreclosure, it's easier to get a mortgage the next time. October 1, it will get tougher if a borrower was full foreclosure - 7 years (vs. 5 yrs) or 3 years - extenuating circumstances (vs. 2 yrs). Who do you know that might qualify under the old rules? Call me for a cool reference chart! View Article

(Fannie Mae) Appraisers will need to take interior pics of kitchen, all baths, living area, physical deterioration, renovation/remodeling (if any). May want to advise sellers to "clean up" major messes - could have a negative affect on value. Effective 9-1-10. View Article

(Freddie Mac) It can be confusing when it comes to appraising & underwriting PUDs. The Covenants, Conditions & Restrictions play a huge role - so it's important when you list a home that's a PUD, that you send me the CC & R to review to insure a smooth closing when you find a buyer. Call me for info on how to determine if you are listing a PUD! View Article

(Freddie Mac) Chinese Drywall Problems in 37 states. Freddie says they will give borrowers payment relief if they have this problem. Call me for details if you have clients who bought homes or remodeled using defective drywall. I will let you know the 3 options offered by Freddie. View Article

(FHA) New rule published on June 25, 2010 on Home Warranty Company compensation to Real Estate Agents that basically says, "you'd better be performing certain distinct services outside of just marketing if you are getting paid by a Home Warranty Company. Otherwise, it's an illegal kickback." View Article

(Universal Topics) A lot of disclosure & re-disclosure going on here. Some things to advise your clients: Lock interest rate 10 days before close; switching lenders starts disclosure process over again; GFE "worksheet" is the true closing costs; get title company to prepare "mock" HUD1 10 days before closing...and much more. Contact me for more tips. View Article

(Universal Topics) Did you know that once a Conventional loan reaches 78% of it's original appraisal value (not the current one), MI is automatically dropped - (if the mtg payments are current). For FHA, must pay for min. 5 yrs AND 78% LTV based on original value. Rules are different for 15 yr term. Ask me for complete details! View Article

(Universal Topics) They have more time to purchase a home (even if they owned a home OR stopped being their principal home because of govt. orders) & STILL get up to $8000 tax credit. Buy by 4-30-11; Close by 6-30-11. Contact me for who qualifies & ALL Details. View Article

(Universal Topics) Have you run into clients who are struggling with their mortgage, car and/or credit card payments? I have a Mortgage Talking Points^TM flyer, "Credit Repair Fact or Fiction," that provides some insight on how to help them start the process on the road to good credit. View Article

(Fannie Mae) HVCC has a new name - Appraiser Independence! It mandates MORE rules that Appraisers have to follow (like being familiar with the geographical area, duh?) And, it allows appraisal reports to be more easily transferred from one lender to the next. Call me for the Mortgage Talking Points™ details. View Article

(Fannie Mae/Freddie in Brief) Did you know that you can check the conventional mortgage loan limits, by property address? Just use this link, https://www.efanniemae.com/sf/refmaterials/loanlimits/ and call me if you have any questions. View Article

(Fannie Mae/Freddie in Brief) Do you have sellers who have some equity built up in the home they are selling? Have you reviewed the “seller-held second mortgage” option to them? Call me for a Mortgage Talking Points™ flyer, “Seller Held Second Mortgage Rules”, which will help you sell more homes. View Article

(Universal Topics) With all the rule changes, I have a cool chart showing how much money a seller can contribute to helping your clients buy a home. Call me for the Mortgage Talking Points™ flyer, Maximum Seller Contribution Chart: Fannie/Freddie/FHA/VA/USDA View Article

(Fannie Mae) In an attempt to spur more sales of their REO properties, Fannie has put in place a special offer for buyers of their REO properties. Incentive of 3.5% for closing costs. Offers must be submitted on or after 4-11-11. Must close by 6-30-11. Must be Owner Occupied Primary Residence. Link to Homepath site and call me for more info (http://www.homepath.com/incentive/index.html) View Article

(Universal Topics) There are 4 things that you need to consider if you are listing a home that is going thru foreclosure and is still in redemption period. Call me for the Mortgage Talking Points™ flyer, Rules When Selling a Home if in Foreclosure Redemption Period! View Article

(Fannie Mae/Freddie in Brief) The term "house swapping" has been in the news lately. Did you know that Fannie/Freddie have financing options for this type of deal? Call me for a Mortgage Talking Points™ flyer - House Swapping/Trade Equity - What You Need to Know. View Article

(Fannie Mae) If you have clients who have had credit problems in the past, a bankruptcy or foreclosure, call me for an updated Mortgage Talking Points™ flyer, Fannie Vs. Freddie Waiting Periods for Derogatory Credit. We can set up a game plan on the road to home ownership down the road. View Article

(Universal Topics) Just wanted you to know that the Mortgage Acts & Practices Advertising Rules go into effect on 8-19-11. It not only affects real estate agents, builders, and mortgage companies, it affects the ad agencies you do business with. And it even has a “record keeping” rule. Call me for the complete Mortgage Talking Points article & if you are advertising mortgage terms with any of your listings. View Article

(Fannie Mae/Freddie in Brief) Every year the Federal Government tells the mortgage industry the maximum loan amount that can be lent on a Fannie or Freddie home loan. If you’d like to know how they come up with that info, here’s the link: http://www.fhfa.gov/Default.aspx?Page=185 View Article

(Fannie Mae/Freddie in Brief) Fannie/Freddie are increasing their fees to pay for the decrease in payroll taxes. Not fair to the mortgage and real estate industry. Now is the time to get off the fence if you are buying or refinancing a home. Call me if you want more info. View Article

(Fannie Mae/Freddie in Brief) If you are working with a client who receives child support and wants to count that as income, call me to determine if it can be used. Freddie is more liberal than Fannie when it comes to verifying the income. View Article

(Fannie Mae) HVCC, MDIA, RESPA, LQI & HPML all have waiting periods that kick in during the loan process. Leave a comment & request "Don't Close Ugly, Don't Close Late" Mortgage Talking Points(TM) flyger. Expect delays - but learn the reason why - so you know when your clients ask you why! View Article

(Fannie Mae) Now decreased waiting times if they make a larger down payment! More good news - includes reduced waiting time for those with job loss, divorce, medical causing financial problems: 2-year, 10% down! Credit must be re-established. Tip: Call your past sellers and let's get them into credit repair now! View Article

(Fannie Mae) Fannie (and Freddie) says that we have to check to see if borrowers added more debt prior to closing. If the new payments exceed 3% from the original UW ratios, the loan has to be re-underwritten. Advise clients, no new debt & no shopping until loan closes. View Article

(Fannie Mae) Fannie has updated their special offer for buyers of their REO properties. Incentive of 3.5% for closing costs. Close by 10-31-11 (Halloween). Selling agent bonus added this time around. Contact me for a Mortgage Talking Points™ flyer and here's the link to the Homepath site - http://www.homepath.com/incentive/index.html. View Article

(Fannie Mae) Fannie is getting their groove on - making it easier to get a conventional loan for 3% down. Down payment, employment & income more flexible - what they've tightened up is all revolving debt must be counted. Call me for a Mtg Talking Points(TM) flyer, "Show Me the Money - OK Source of Funds". View Article

(Fannie Mae) Do you have a client who wants to purchase a second home? There are 7 requirements you need to know about before showing them property! Call me for the Mtg. Talking Points™ flyer. View Article

(Fannie Mae) Fannie – Fannie now allows “energy improvement loans” on existing homes. Let’s sit down and review each of your listings and see if we can get some of them sold by having the seller pay for an Energy Audit (I have the list) and get the improvements financed in the loan. I have a Mortgage Talking Points™ flyer, New Energy Improvement Financing Can Help You Sell More Homes, for you, too! View Article

(Fannie Mae) Did you know that a child can buy a home for parents for as little as 5% down? And the child does NOT have to live in the home in order to qualify. Call me for the Mortgage Talking Points™ flyer and let your database know! View Article

(Fannie Mae/Freddie in Brief) If you are working with clients who have had a bankruptcy or foreclosure in their past, call me for a chart entitled, Waiting Periods for Derogatory Credit. View Article

(Fannie Mae) You can now download podcasts created by Fannie Mae - First Look Neighborhood Program & their Deed-for-Lease Program. Starts out boring but good info. http://itunes.apple.com/us/podcast/fannie-maes-homepath-podcast/id364316370 View Article

(Fannie Mae) If you are working with a client who receives retirement or pension income and they need a mortgage, call me first because there are certain underwriting rules that apply. View Article

(Fannie Mae) On the PMI front, I can't stress the importance of looking at all the options. Some PMI companies are getting very aggressive again which can give you a competitive advantage. Call me for a chart, Know Your PMI - with comparison examples on how each one works. View Article

(Fannie Mae/Freddie in Brief) If you are working with a client who is a non-citizen but has a legal status in the U.S., call me to see if they qualify because only certain types of VISAs qualify. View Article

(Fannie Mae/Freddie in Brief) Fannie/Freddie – Heads up on this one—beginning 9-1-11, appraisers will now be required to include a “condition rating code” from C-1 to C-6 for existing homes and Q-1 to Q-6 for new construction. Call me for a Mortgage Talking Points explaining what it means to you and your clients. View Article

(Fannie Mae) Just wanted to let you know that you can escrow for some exterior repairs and I have a Mortgage Talking Points™ article for you. Call or email me for your copy. View Article

(Fannie Mae/Freddie in Brief) Did you know that if you sell “new construction” home or “investment” property, that the buyer cannot be related to, or have a business affiliation with the builder, developer or other property sellers? Call me if you have a deal like this because you don’t want to get down the road to find out we can’t close. View Article

(Freddie Mac) Freddie Mac just posted a notice called: Providing Mortgage Liquidity for Rural America. Here’s the link to read all about it - http://www.freddiemac.com/singlefamily/news/2011/0913_rural_america.html View Article

(Fannie Mae/Freddie in Brief) Did you know if you are working with a client that has a deferred student loan and no payment is due yet, Fannie says to use 2% of the balance, and Freddie says to use 5% of the balance as the future monthly payment. Call me because qualifying can be tricky. View Article

(Freddie Mac) If you know these rules, and loopholes when clients want to buy another home w/o selling the other one, you'll close more deals. CAUTION: Rules for converting current home to rental property are complicated. Ask me for Mortgage Talking Points(TM) so you can ALSO pass on to people who fall into this category. View Article

(Fannie Mae/Freddie in Brief) I get lots of questions about the “source of down payment, closing costs and cash reserves” and I’m sure you do to. Call me for a Mortgage Talking Points ™ flyer, “Show Me the Money: OK Sources of Funds”. Call if your client is selling an asset (like a car) because a paper trail of the documents is critical when it goes to underwriting. View Article

(Fannie Mae) Check your listings because if you have listed (will be listing) a condo with less than 400 sq ft, it won't qualify for a loan - and it's effective right now. Call me for details. View Article

(Fannie Mae) Here's the link to get notified by Fannie Mae whenever a foreclosed home comes up for sale in our area. Use this same link if you want to list Fannie's REO properties. http://www.homepath.com/realestateprof/index.html View Article

(Fannie Mae) The 97% Fannie mortgage is a great alternative to FHA financing and probably a better overall option for some homebuyers given the increased monthly MIP on FHA. Call me for a Mortgage Talking Points™ flyer along with a payment comparison between the two. View Article

(Fannie Mae) Just wanted to mention a loan program that’s been around for a while but still and oldie and goodie. Call me for Mortgage Talking Points™ flyer, My Community Mortgage by Fannie Mae: Best Kept Secret, for the scoop. View Article

(Freddie Mac) Did you know that there are some new rules when it comes to escrowing for repairs that cannot be completed prior to closing? Call me for a Mortgage Talking Points™ flyer, Rules for Home Repairs NOT Completed Prior to Closing. View Article

(Fannie Mae) If you have a client who has paid cash for an investment property, Fannie is now allowing cash-out refinancing under certain terms and conditions. Call me for a Mortgage Talking Points™ flyer, Financing Multiple Properties - What You Need to Know. View Article

(Fannie Mae) If you've had clients who paid cash for a home, 2nd home or investment property, Fannie has waived the 6-month waiting period to refinance and get some of their cash back. Call me for the details. View Article

(Fannie Mae/Freddie in Brief) Just wanted to let you know that appraisals, as you know them, have really changed with the introduction of new “description codes.” I have a 6-page list of the new codes, what they mean, and how to explain them to your clients. If you’d like a copy, call, email or post your request below. View Article

(Fannie Mae) Did you know that if you have buyers who paid “cash” for a home, they can refinance to replenish their bank accounts? Call me for the details if you’ve had cash buyers recently. Hey, it gives them more money to buy even more property! View Article

(FHA) FHA – Just a reminder that there is no annual mortgage insurance charged on an FHA loan where the buyer puts down 22% (or more) and the loan will be amortized for 15 years or less. View Article

(Fannie Mae) Did you know that Fannie will finance extra parcels of land, under certain conditions? If you have a listing where the seller wants to sell adjoining lots, call me for a Mortgage Talking Points™ flyer with all the details. View Article

(Fannie Mae) Do you know about the "house swapping" strategy as an additional way to sell a home? I have a Mortgage Talking Points™ flyer explaining how it works. Let me know if you'd like a copy. View Article

(Fannie Mae) Fannie Mae - If you are listing or selling a condo, the Master Insurance Policy requirements have been updated. Call me for details. View Article

(Fannie Mae) If you are showing homes to a disabled person, did you know that Fannie allows a parent or child to help them buy a home, and it’s considered an owner-occupied type loan? Call me for a copy of Mortgage Talking Points™, Rules for Buying a Home for a Family Member Using Conventional Financing. View Article

(Fannie Mae) Read title policy to insure that foreclosure redemption periods have REALLY expired before home is resold. Technically, the state gives the previous "owner" time to scrape together $$$ to buy the home back from the bank. Ask me for Mortgage Talking Points(TM) flyer on how this works in our state. View Article

(FHA) An FHA Assumable Loan can help get your listing sold, especially in a declining market - no appraisal needed. All FHA loans assumable if made on/after 12/15/89. Seller can pay closing costs/fees & buyer can use 2nd mortgage for down payment. Call me for other reasons to offer FHA assumptions! View Article

(FHA) Here's the answer for those listings short on curb - or any other kind of appeal. FHA 203K loan can help a buyer transform a hovel into a home! Call me for info on how it would work with your Ugly Duckling Homes! View Article

(Fannie Mae) Working with investors can recession-proof your business because these are the people buying properties these days. Call me for Mortgage Talking Points™ flyer, “Working with Investors? Know the Rules!" It’s easier than you think! View Article

(Fannie Mae) Good news! Fannie no longer requires 30-days paycheck stub...If just started job, will ask for only 1 paycheck stub OR written verification of employment. There are other positive changes I'd like to share with you. Leave post if you would like more info. View Article

(FHA) Did you know that you can have more than one FHA loan under certain circumstances? There are 4 exceptions. Call me if you have a client who owns a home with an FHA loan - and wants to buy another one using FHA financing. View Article

(Freddie Mac) Updated rules for buying a primary residence without selling current home. Call me for a Mortgage Talking Points™ flyer with the details. View Article

(FHA) FHA purchase with required repairs but seller won’t fix? Roll repair costs into the mortgage if the appraised value is higher than the sales price. Remember: Only weather-related repairs can be escrowed. All other repairs must be completed before closing. View Article

(FHA) If you are listing a home with a dilapidated building on the property, FHA may require that it be torn down and the debris removed. Advise your sellers of the possibility if the property is sold FHA. View Article

(FHA) Let your clients know that if they purchase a HUD REO with $100 down, they can't finance the closing costs and pre-paids into the loan. Call me for a Mortgage Talking Points™ flyer, New FHA Rules: HUD REO Properties using $100 down Incentive Program. View Article

(FHA) There seems to be a lot of situations where the mortgage has been included in the bankruptcy, the bankruptcy has been discharged, but the lender has yet to complete the foreclosure process. And this leaves borrowers twisting in the wind. Call me for a Mortgage Talking Points™ flyer, FHA/VA Derogatory Credit Chart. View Article

(FHA) If you are working with a couple who are planning to get married and buy a home, did you know that FHA has a Bridal Registry program where the money they get as wedding presents can be used towards the down payment? Call me for a Mortgage Talking Points flyer, Say “I DO” to FHA Bridal Registry Accounts. View Article

(FHA) Just a reminder that FHA has extended their property flipping rules until the end of the year. Call me for a Mortgage Talking Points™ flyer, FHA Flipping Waiver Extended. View Article

(Fannie Mae) Fannie Mae HomePath keeps updating its website page. Since you are a key real estate agent in my community, here’s a link to “How to Buy REO’s through Fannie Mae.” http://www.homepath.com/realestateprof/index.html. Call me for the Mortgage Talking Points™ article with all the details. View Article

(FHA) Just a reminder that FHA requires a septic inspection if the county or state require it OR if the appraiser notes that there might be a problem. Call me for a Mortgage Talking Points™ article, Making the Connection - FHA Hooking Up to Private Septic & Well. View Article

(Freddie Mac) Want to know which homes have been listed by Freddie Mac recently? You can sign up to receive notices, enter up to 15 zip codes, and you'll automatically receive an email when one hits the market. https://www.homebase.homesteps.com/login.asp View Article

(Fannie Mae) Fannie: Updated rules when it comes to approving a loan for clients who are on maternity leave, short-term disability, parental leave or medical leave. If you working with clients like this, please give me a call because they may be able to qualify anyway. View Article

(FHA) FHA has very specific rules for repair escrows. Depends on who's responsible to pay...if required by the appraiser...HUD Homes...certain circumstances. Contact me for a Mortgage Talking Points™ flyer to share with your buyers/sellers, too. View Article

(FHA) Borrowers ARE eligible for FHA loan if 1) credit report shows "paid in full". 2) and 12-mos mortgage payments made on time prior to short sale. 3) and all installment debt paid on time. Exception: Extenuating circumstances apply. Call me for "not eligible" rules. View Article

(Freddie Mac) Did you know that Fannie allows a relative to purchase a home for an elderly or disabled family member with as little as 5% down? Call me for the Mortgage Talking Points™ flyer, Rules for Buying a Home for a Family Member. View Article

(Fannie Mae) May have closing delay if a client has to pay off a credit card to qualify for loan. New requirement to close a credit card account is in effect - just like a mortgage, revolving accounts may need to be paid off on HUD-1 & documentation account is closed. View Article

(FHA) Did you know that if you have a client purchasing a 2-4 family home they can use “gross rental income” on units they are not occupying (minus HUD’s vacancy factor), to qualify? Check HUD’s “vacancy/maintenance factors” for your area. at http://www.hud.gov/offices/hsg/sfh/ref/hsgrcont.cfm. View Article

(Freddie Mac) Did you know the active military that are having trouble making their house payment, have protection against foreclosure? In fact, proceedings cannot be started until 9 months AFTER they return. Not supposed to affect credit score either. View Article

(Freddie Mac) Freddie is eliminating their streamline-refi program on 5/1/11. If the original loan is held by Freddie, https://ww3.freddiemac.com/corporate/, you'll need to apply now or new rules go into effect. View Article

(Freddie Mac) Freddie Mac is now saying that interested party contributions used to reimburse the buyer for payment of short sale negotiation or processing fees must be considered and treated as a sales concession and is limited to 3% of the purchase price for less than 10% down payment. View Article

(FHA) FHA has required that if you are authorized to use HUD logos in your advertising, that you must use the 2 new ones as of May 15, 2011. Call me for samples of the 2 that are okay to use. View Article

(FHA) If you are working with clients who have had credit problems in the past, there are certain “waiting periods” for certain credit issues. Call me for my FHA/VA Derogatory Credit Chart to make sure your clients can get a FHA or VA loan. View Article

(FHA) FHA does not have a minimum square foot requirement for homes. The only minimum they insist upon is a manufactured home — must have 400 sq. feet or more. View Article

(VA) VA Funding Fees have changed twice in the last 2 weeks and it’s still not over yet! It was decreased on Oct 1st, increased on Oct 6th, and is scheduled to decrease again on Nov. 18th. Will keep you updated on this game of political football. View Article

(FHA) FHA Well and Septic Distance Requirements – Call me for a Mortgage Talking Points™ Flyer entitled, ”Minimum Requirement for Well & Septic Systems for Home to be Eligible for FHA Financing”. View Article

(Fannie Mae) Home Affordable Refi Program starts on 12-1-11. You are eligible if your loan was sold to Fannie Mae prior to June 1, 2009. Here’s the link to check your loan - http://www.fanniemae.com/loanlookup/ View Article

(FHA) All FHA loans are assumable, but there are certain dates that kick in. Call me for a Mortgage Talking Points™ flyer, FHA Assumptions = More Sales, for all the details. View Article

(FHA) I’m sure that you know that the FHA loan limits have been updated in our little corner of the world. Here’s a link to HUD’s website if you’d like to check other counties. https://entp.hud.gov/idapp/html/hicostlook.cfm View Article

(FHA) Past clients, who have FHA loans and are having trouble making mortgage payments, will be calling you for advice. You can be a resource for "all things real estate" by sharing the real truth about FHA's Home Affordable Modification Plan. Leave a comment if you would like step-by-step tips on how it works. Your trusted info will help your clients thru tough times. View Article

(FHA) Mort Insurance Premium goes up on 10-4-10. On a $200K loan, the increased fees translate into a negative $7,500 in buying power. We have just about 50 days to get the FHA Buyers off the fence and into a home! View Article

(FHA) If you are working with clients who have had a bankruptcy, foreclosure or short-sale in the past, I've got a handy, FHA and VA Derogatory Credit Chart with "waiting periods" for you. They may be able to buy sooner if they have had "extenuating circumstances". Let me know if you'd like a copy of the chart! View Article

(FHA) HUD has a new Condo Recertification Checklist - especially for those of you working with Condo Home Owners' Associations who are interested in getting their project re-approved thru HUD. Call me for the 7-page Form & Consumer Fact Sheet! View Article

(FHA) Working with a client who does not have a "green card"? FHA will lend them money to buy a home under certain conditions. Call me for a Mortgage Talking Points™ flyer, How to Get a Mortgage Loan for Non-Citizen Borrowers, with the details. View Article

(FHA) FHA has come up with a new Flood Insurance Chart for all types of properties. Call me for a copy - you'll need to check all of your listings! View Article

(FHA) FHA extends the dates for condo approvals - based on the original approval dates. Please call me for a Mortgage Talking Points™ flyer. Please check your listings and I can let you know the extension dates for each condo project. View Article

(FHA) FHA will increase mortgage insurance for all appraisals ordered on or after 4-18-11. This applies to 15 & 30 year loans and down payment percentages. I have a Mortgage Talking Points™ flyer on how it affects home buyers. Call me. View Article

(FHA) If selling condos is your thing, get the word out to the homeowner's associations to get leasing restrictions in place or they will not be able to sell units using FHA financing. Call me for a Mortgage Talking Points flyer with all the updated rules. View Article

(FHA) Okay, so with the increase in gas prices & Obama’s “energy conservation” initiative, HUD’s PowerSaver loan will lend up to $25,000 for energy saving improvements. Call me for the details. View Article

(FHA) Rent with an option to buy is happening a lot these days. Call me for my Mortgage Talking Points flyer, Getting it Right the First Time: FHA Rent-to-Own Underwriting Rules, so you don’t run into problems later on when it’s time for your client to get a mortgage. View Article

(FHA) FHA has made it a little easier to get condo projects approved. Call me for the 95-page HUD Condo Project Approval Guide to get more condos approved for FHA financing. View Article

(FHA) FHA – Yes, it’s true…a buyer can have 2 FHA loans at one time with certain conditions…if relocating for a job, if increase in family size, if vacating a joint-owned home or if co-signed on a FHA loan. Call me for info and the Mortgage Talking Points™ article. View Article

(Freddie Mac) It’s now official-Freddie Mac says that if you sell “new construction” home or “investment” property, that the buyer cannot be related to, or have a business affiliation with the builder, developer or other property sellers. Call me if you have questions about this because you don’t want to get down the road to find out we can’t close the deal. View Article

(FHA) If you are working with FHA buyers who tell you that they are getting money from relatives for their down payment or closing costs, let me know right away. There is a certain “paper trail” that would need to be followed. Call me for the Mortgage Talking Points™ about the four different ways funds can be donated. View Article

(Freddie Mac) Freddie Mac Foreclosed Home Buyers Incentives include their First Look and Condo Cash Programs. Let me know if you’d like my Mortgage Talking Points™ flyer entitled, Freddie Mac HomeSteps® Smart Buy™ Incentives to Buy Foreclosed Homes. View Article

(FHA) FHA will allow home loans for non U.S. citizens. Call me for a Mortgage Talking Points™ article on who qualifies and what documentation that's needed to qualify. View Article

(FHA) If someone purchased a home and paid cash, the owner must have made 6 months' payments and 210 days must pass from the date of closing until ordering a FHA case number, to refinance and get cash back. View Article

(Freddie Mac) Freddie - If you had a client who purchased a home recently and paid cash, I can help them refinance and get some of their cash back into their bank account. However, call me because some of the rules have been updated recently. View Article

(Freddie Mac) Homes with mother-in-law apartments are acceptable for conventional financing—but with a couple of conditions. It has to be “legal & conforming” use for your city or county. And the appraiser will have to find a similar comp. Call me if you are listing (listed) a home like this to make sure there are no hang ups when sold! View Article

(FHA) Would you like to know both FHA and VAs rules for buying another home after a person has had a short sale or deed-in-lieu of foreclosure? Call me for my handy reference chart on who qualifies and who does not! View Article

(VA) Did you know if you are working with a VA buyer, who has had a short sale, there is a 2-year waiting period to purchase another home? View Article

(FHA) Tell your "investor" clients - HUDs 90-Day Anti-Flipping Rule Extended to 12/31/12. Certain restrictions apply - the 20% rule is one of them. Call me for Mortgage Talking Points™ flyer, Investors Wanted. View Article

(FHA) I just wanted you to know that if you list/sell a condo with FHA financing, HO-6 (walls-in) coverage will be required as of 4-29-11. Call me for updated rules - Mortgage Talking Points flyer, Condo Insurance Coverage Required for FHA Financing. View Article

(FHA) So FHA came out with clarification about "disputed accounts" on credit reports. Call me for the details. View Article

(FHA) FHA has done away with Hope for Homeowners program. While it generated a lot of "good press" for HUD, the program was a miserable failure for those who needed help in refinancing their past-due mortgage payments. View Article

(Freddie Mac) Come October 1, the super conforming loan limits are scheduled to decrease and your clients’ ability to secure reasonable mortgage funds may disappear and cause many of them to reconsider their purchase. Make sure you are working with a lender that can close their loan on time and before the deadline to insure they get the most favorable mortgage terms. View Article

(FHA) FHA Private Roads – Someone asked me if FHA accepted private roads. Yes, they do if all weather surface, emergency vehicles can access the home, and it must be a recorded easement allowing others to use the road. View Article

(VA) Did you know that in addition to termites, VA wants the pest inspector to also check for Powder Post Beetles, Round-headed Wood Borers, Horntail Wasps, Carpenter Bees and Carpenter Ants? Contact me for a Mortgage Talking Points™ flyer on this topic. View Article

(Freddie Mac) Home Affordable Refi Program starts on 12-1-11. You are eligible if your loan was sold to Freddie Mac prior to June 1, 2009. Here’s the link to check your loan. https://ww3.freddiemac.com/corporate/ View Article

(FHA) FHA Mortgage Insurance Premiums will be automatically cancelled if: Loan was closed after 1-1-01. Reach 78% loan-to-value based on the ORIGINAL appraisal value. If loan term is MORE THAN 15 years, must also be paid for a minimum of 5 years. View Article

(Freddie Mac) If your mortgage was sold to Freddie Mac prior to 5-31-09, they have removed the rule about the combined value when it comes to having a 1st and 2nd mortgage. Please comment below if you want more details. View Article

(FHA) Did you know that under certain circumstances, a person can have two FHA loans at the same time? If you are working with clients who may have co-signed on an FHA loan but now want to buy their own home using FHA financing, call me for the details. View Article

(VA) Did you know that the 4% seller-concessions does NOT include closing costs OR points? Oh, and seller can also pay off veteran's debts. When negotiating VA contracts, contact me for what's legal and what's not! View Article

(FHA) Don’t paint FHA out of the picture just because there are 2 homes on one property, such as a main home with a guesthouse. As long as the accessory unit’s use conforms to zoning, both homes satisfy minimum property standards, and there are comps to support the value, FHA financing could be an option. Let’s talk to an appraiser to see if comps exist. View Article

(FHA) FHA is now requiring that offer letters be free of contingencies, or a separate letter from the new employer will be required indicating that all contingencies have been met. Call me for the types of contingencies I'm talking about & Mortgage Talking Points(TM) flyer, Avoiding Employee Transfer Troubles! View Article

(VA) Are you working with a National Guard or Reserve Veteran who is returning from Active Duty Deployment and wants to buy a home prior to returning to their regular employment? VA allows it and I can help you and your veteran. Call me! View Article

(VA) Ever get confused about what a veteran can and cannot pay for when buying a home? I have a Mortgage Talking Points™ flyer for you entitled, VA Borrower Fee & Expense Matrix. View Article

(Credit) IRS announces new program to help taxpayers pay back taxes and avoid tax liens. http://www.irs.gov/newsroom/article/0,,id=236540,00.html View Article

(USDA) If building a new home or a manufactured home using USDA, new Thermal Requirements - Here's the link to the forms - http://www.rurdev.usda.gov/rd_instructions.html. View Article

(FHA) FHA is trying to get more interest in the 203(k) Rehab mortgages by eliminating the 1% loan origination fee cap and collect fair and reasonable fees to administer the funding. View Article

(Credit) Just wanted you to know that starting July 21, 2011, borrowers will be receiving a new credit disclosure form when they apply for a mortgage. It explains their credit score in detail. Call me for a sample and I'd love to explain to my Realtor friends what it looks like and how it works View Article

(FHA) Just wanted you to know that I have a couple of Mortgage Talking Points™ articles for you this month—in regards to FHA appraisals. They are called: “Sales Concessions & FHA Appraisals” and “Stigmatized Properties & FHA Appraisals”. Call me for your very own copy. View Article

(FHA) FHA has postponed the use of those special appraisal codes that are being used right now for conventional loans. Expect to see the new codes on FHA appraisals on January 1st. Call me, email or post your request below for my 6-page list of appraisal codes so you can understand what they mean, and be able to explain them to your clients, too. View Article

(VA) Did you know that all VA loans are assumable, whether assumed by a Veteran or not? So, you might want to check the type of loan on all of your listings and call me for a Mortgage Talking Points™ article so you can add the option to your listing notes. View Article

(VA) If you are working with a veteran who isn’t sure whether he/she has enough eligibility left to get a VA loan, here’s a link for the homebuyer to check it out. http://www.benefits.va.gov/homeloans/eligibility.asp View Article

(Freddie Mac) Some good news for a change: Freddie is only requiring that we verify six months receipt of alimony, child support and separate maintenance. Used to be twelve months. Call me if you have someone who was waiting to verify income, because they might qualify right now. View Article

(FHA) If you are investing in real estate, FHA says it’s OK to “fix and flip” 91 days after you purchased the property. Call me before you do because the government has certain rules that apply. View Article

(FHA) If your borrower has a credit score of 579 or lower, FHA requires 10% down. Goes into effect on 10-4-2010. View Article

(FHA) Did you know that FHA allows financing on mixed use property when no more that 25% of the total square footage is used for non-residential purposes and the property complies with zoning? Call before you list a home like this to see if you can offer FHA financing. View Article

(FHA) If you have a client who is buying a HUD foreclosure, check your close dates and ask for a contract extension. Their REO inventory is being transitioned into a new software system, which is causing delays with rate locks, appraisal expirations, etc. Call me to review the HUD REO sales contract to make sure they don’t expire. View Article

(FHA) I have a Mortgage Talking Points™ flyer with 2011 FHA Loan Limits. If you need loan limits for 2-4 family properties, call me and I'll look them up for you! View Article

(Credit) What the heck are reason codes? Call me for a Mortgage Talking Points™ flyer, Credit Scoring: Top 20 Reason Codes and How They Affect the FICO Score. View Article

(VA) Just wanted to give you a heads up that if you are working with a client who is a veteran, VA does not require project approvals for Planned Unit Development projects. View Article

(USDA) If you have listed a home with 2 living areas, USDA financing may be available under certain circumstances. Call me if you have a listing with 2 living units to see if it qualifies. View Article

(FHA) FHA – If you are listing a condo for sale and would like to know the process to get the project FHA approved, I have a handy checklist for you to see if it qualifies. Just let me know and I’d love to email it to you. View Article

(FHA) FHA is changing some of their loan limits – unless the Fed steps up to the plate and extend them for another year. However, FHA-to-FHA refis may exceed the new loan limits if four rules are met. Call me or post below for all the details. View Article

(VA) VA will allow a non-veteran, non-spouse to buy a home and use VA financing. But, the veteran borrower can only use ½ of his/her entitlement. VA will also have to underwrite the loan. View Article

(FHA) HUD is revitalizing its popular $100 down-payment program. Here’s a link to HUD’s list of states that are back on board and offering REO’s for sale. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/salesincentives Call me for Mortgage Talking Points™ flyer with all the details - HUD Real Estate Owned (REO) - $100 Down Sales Incentive Program. View Article

(USDA) Just a note for everyone who has a USDA loan and wants to refinance — the upfront funding fee is now 1.5%. However, since interest rates are still great, it may have little impact on your monthly payment. Call me if you’d like to get a quote. View Article

(VA) VA now lending on FHA condos if project approved prior to 12-7-09. Two Rules: 51% Owner-occupied; No one owns more than 10% of units. Check your current condo listings to see if qualifies. Only good til Dec. 7, 2010. Comment & let me know condos you want checked. View Article

(USDA) Yeahhh, USDA funds are available, but there’s a catch! Their “fiscal year” starts again on Oct 1 and no one at USDA is providing a clear answer to what happens after 9-30-10. Contact your USDA buyers and get them off the fence. Then call me so we can get them pre-qualified! View Article

(USDA) Will issue "conditional approvals" but funds not yet appropriated by Congress. New guarantee fee of 3.5% for purchase transactions went into effect on 10-1-10. Call me for more info. View Article

(FHA) One huge sigh of relief for your condo listings. It depends on when the condo project was "originally approved" by FHA, but some condo project approval dates have been extended all the way thru March 2012. Call me so I can look up extension dates for you. View Article

(Compliance) Did you know that everyone involved in a real estate deal (including you) is double-checked against "Exclusionary Lists" compiled by the Feds? Call me (or Facebook message me) for the Talking Points flyer entitled, Deal Killers: Checking the Lists, for website links to check before taking listings or negotiating a sales contract. View Article

(Credit) Credit scores are going to be available to consumers soon. So GET YOUR CLIENTS TO REVIEW THEIR CREDIT BEFORE APPLYING FOR A LOAN. Save your clients thousands of dollars over the life of their loan. For some tips on how to raise scores, email info@usccra.com. View Article

(USDA) USDA is going all out to clarify who qualifies for a Rural Housing loan. There are two tests; the dollar amount of household income AND the income to be used to repay the loan. These are two different animals. Call me to qualify your USDA clients to make sure! View Article

(FHA) FHA/VA – Have you ever wondered if your new listing price falls with the FHA loan limits for that county? Or if a condo project is VA approved? Call me for a Mortgage Talking Points™ article with 3 FHA and 3 VA website resource links to find what you need. View Article

(USDA) USDA will finance a condo project if it’s approved by Fannie or Freddie or FHA or VA. Let’s review your condo listings to see if you should also offer USDA financing as an option. View Article

(USDA) If a home is considered "energy efficient", we can exceed the underwriting ratios by 2% because the borrower will be saving money on their utilities. Here's a link to what comprises an "energy efficient home". http://reca-codes.org/pages/iecc2006.html View Article

(USDA) In most cases, income limits increased $600. Total income can be higher because some deductions (from AGI) allowed: Child- care (actual) expense; minors; full time students; elderly; disabled. Check income limits http://www.eligibility.sc.egov.usda.gov. Leave comment for USDA Income Worksheet & Mortgage Talking Points™ flyer: 6 Common Deductions Allowed By USDA. View Article

(Compliance) Before a loan closes, credit & debts will be checked again. Advice for them: Don't apply for credit; Don't "shop" for furniture; Don't buy things for a new home; Do file tax returns/extensions. If new debt is discovered & affects ratios by more than 2%, the loan will have to be re-underwritten. Let's tag-team the clients together. View Article

(FHA) FHA waives the 25% equity requirement when borrowers are relocated by employer to an area outside reasonable commuting distance and they want to use rental income from their current house to qualify for new FHA financing. Call for more info if you are working with a buyer like this. View Article

(Credit) Because there is a lot of “mis” information out there, call me for part 2 of the Mortgage Talking Points™ flyer entitled, Credit Repair: Fact or Fiction - Part 2. View Article

(VA) Did you know VA allows a seller to buy appliances for a VA buyer and doesn't consider them an "inducement to purchase"? Yep. It's allowable as part of the 4% seller concession limitation and I have a Mortgage Talking Points™ flyer, What You Need to Know About Seller Concessions & VA Loans. View Article

(VA) Specially Adapted Housing Grant program offers great service to disabled Vets in need of specialized housing due to their disability. Call me for a Mortgage Talking Points™ flyer, VA Specially Adapted Housing Grants. View Article

(Compliance) I have a copy of the "Consumer Rights Under the Fair Reporting ACT" that has been issued by the FTC. Great info to give to your clients and post on your website and Facebook Pages. Contact me for a copy. View Article

(Fannie Mae/Freddie in Brief) Fannie/Freddie will allow 95% financing for Owner Occupied Duplex under MyCommunityMortgage® or Freddie HomePossible® programs View Article

(Credit) FICO has added a “Strategic Default Credit Model" to the mix. If a lender determines that a client is buying another home, without selling their current residence (or vacation home) and certain activity shows up on the credit report — their loan could be denied — even if they have great credit. Call me for details! View Article

(USDA) Just wanted to let you know that USDA has changed some income limits as of 7-1-11. However, it appears that most have remained unchanged or there has been a slight increase. Call me for details. View Article

(VA) FHA/VA - Would you like to know what’s going on with the loan limit changes and how FHA and VA are different? Request a copy of my Mortgage Talking Points™ explaining the difference. Post your request below or call me for the skinny on this confusing topic. View Article

(Compliance) If you plan to do any advertising of mortgage rates, terms, down payment, etc., both the Reg Z Rules and the Mortgage Acts Practices rules kick in. Call me for Mortgage Talking Points™ articles on what you can and cannot do. View Article

(VA) FYI - VA is still ‘old school’ on short sales. They treat them the same as foreclosures and require a two-year wait period from the date of the short sale. View Article

(VA) Realtors Beware - Your efforts could go unrewarded when a VA borrower agrees to pay you a commission if a FSBO seller refuses to pay when you act as their agent. VA prohibits charging a VA borrower for the services of a real estate broker. (Neither Conventional nor FHA lending has this prohibition, only VA.) View Article

(USDA) Finally, USDA has given us some rules about what outbuildings they’ll accept and which ones they won’t. They also give info about land size limits, and land values as compared to the value of the home and outbuildings. This has been an issue for quite some time now. Call me for Mortgage Talking Points™ flyer, USDA Explains What’s an Acceptable Outbuilding! View Article

(USDA) USDA has finally issued a definition of what they mean by “conventional credit.” Bottom Line: If a borrower is able to secure “conventional credit” under reasonable terms and can meet the requirements of a “traditional conventional credit” loan, then they are NOT eligible for a USDA RD Guaranteed loan. Call or post a request for the Mortgage Talking Points on this rule. View Article

(VA) Did you know that VA has a Homebuyer Assistance Program for low to moderate income veterans? Call me for a Mortgage Talking Points™ flyer entitled, Homebuyer Assistance Programs for VA Loans? View Article

(Compliance) Just wanted to let you know that lenders are not allowed to tell a listing or selling agent the appraisal value without written consent from the borrower. View Article

(VA) VA both increased and decreased loan limits in some areas of the country. Please ask about VA loan limits in our area! View Article

(Fannie Mae) The only time you can ignore a debt by proving a 12-month payment history by a third party is the following: Co-Signer of that debt, Self-employed borrower and the business pays debt, or court ordered. Fannie Chapter B3-6 View Article

(VA) VA has indicated that if Congress passes the current legislation, the VA Funding Fees will remain the same—and will not decrease. Will keep you updated if anything changes! http://www.benefits.va.gov/homeloans/ View Article

(USDA) USDA is back in business with MORE money for 2011. Guarantee fee on purchases is 3.5%. Some Good News! They lowered the guarantee fee for refinances to 1%. Call me for a new Mortgage Talking Points™ flyer - Quick Guide to Rural Housing. View Article

(Credit) Here's the scoop on the new credit card rules and some of the "wins" for consumers. Call me for a Mortgage Talking Points™ flyer, New Consumer Credit Card Laws & How They Affect You! View Article

(Reverse Mortgage) AARP is suing HUD, seeking regulatory changes to ensure that surviving spouses of reverse-mortgage borrowers have a right to stay in their homes even if their names were not on the deed. View Article

(Credit) New credit denial/termination forms go into effect on August 15th. Good news, it will be in plain language so consumers can understand their scores, why they were denied and what they can do about their credit scores. Call me for the details. View Article

(USDA) USDA Underwriting – After all these years, USDA has updated their underwriting rules with over 11 biggies that you need to know about - especially if prospects have already been pre-qualified. Call me for Mortgage Talking Points™ flyer so we can review USDA clients you are working with, who may have pre-qualified under the “old” rules! View Article

(FHA) The only reason an FHA appraiser would require Lead Based Paint Repairs is when a HUD REO property, constructed before 1978, is being purchased using FHA-insured financing. Call me for a Mortgage Talking Points™ flyer entitled, HUDs Lead-Based Paint Repair Rules. View Article

(FHA) FHA requires public hook-up to well and septic (if they are available) AND if it's FEASIBLE to do so. Call me for the Mortgage Talking Points™ flyer with the definition of "feasible" because it may not need to be hooked up. Be proactive with every listing and you won't have any surprises or extra expenses. View Article

(Compliance) Just wanted to let you know that there have been some technical changes to borrower’s forms — specifically; Intent to Proceed; Changed Circumstances, Interest Rate Locks and HUD 1 forms. Call me for the details. View Article

(Credit) Federal Reserve issued new “Consumer’s Guide to Credit Reports” and here’s the link. http://www.federalreserve.gov/creditreports/ Meet with me to learn what’s missing from the guide. Overall, great value-added resource to send to past clients & prospects! View Article

(USDA) Did you know that in order to finance a new manufactured home using USDA funds that the home must be purchased by a USDA approved dealer? Call me for the list of dealer-contractors. View Article

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