Yes, You Can Still Get A Mortgage If You’re Pregnant
July 22, 2010 by PK Johnson · Leave a Comment
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.
Loan Application Alert : Conforming, Interest Only Mortgages Guidelines Change Next Week
June 16, 2010 by PK Johnson · Leave a Comment
If you plan to finance your home with a conforming interest only mortgage, get your loan application submitted no later than this Friday, June 18. Starting next week, Fannie Mae is clamping down on the popular loan product.
Fannie Mae’s Loan Quality Initiative : Repulling Your Credit Just Before Closing
June 8, 2010 by PK Johnson · Leave a Comment
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
June 8, 2010 by PK Johnson · Leave a Comment
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
May 18, 2010 by PK Johnson · Leave a Comment
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.
The Right Way To Take A Cash Gift For Downpayment
May 18, 2010 by PK Johnson · Leave a Comment
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
May 14, 2010 by PK Johnson · Leave a Comment
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
May 6, 2010 by PK Johnson · Leave a Comment
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
May 4, 2010 by PK Johnson · Leave a Comment
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
April 9, 2010 by PK Johnson · Leave a Comment
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.
