Watch out for the new Fannie Mae 3 months seasoning guidelines. I just verified this seasoning requirement with four mortgage brokers. The lenders are forcing investors to keep their flip for at least three months. One of my agents has a buyer that qualified for the loan but the lender won’t fund the loan because […]
Entries Tagged as 'Mortgage Stuff'
Fannie Mae Seller’s Seasoning Requirment
April 12th, 2008 · No Comments · Mortgage Stuff
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Mortgage Relief Update - Don Spongberg
January 7th, 2008 · No Comments · Mortgage Stuff
Addressing the subprime lending crisis, Congress recently passed and the President signed into law a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the […]
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Senate has passed FHA loan limit to $417,000 in high-cost areas
January 5th, 2008 · No Comments · Mortgage Stuff
Heads up as to what is coming…
The Senate has passed a Federal Housing Administration modernization bill by a 93-1 vote that raises the FHA loan limit to $417,000 in high-cost areas and lowers the minimum downpayment requirement from 3.0% to 1.5%. However, it is not the law until signed by the president.
With regard to downpayment […]
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