Appraisals waived for some refinances!

mortgageporterhomeFannie Mae will begin offering appraisal waivers on some refinance transactions. This is great news as it will help transactions that qualify have a quicker closing and help reduce the work load for appraisers which will hopefully help expedite current appraisal turn-times. This will also help home owners save money on their transaction by not having to pay an appraisal fee, which have gone up dramatically over the last few months. [Read more…]

What’s trending? How about your credit report.

2014-06-20_0758Fannie Mae is introducing a new format for credit reports called “trending credit data”.  Typically a credit report shows more of a snapshot of what someone’s credit looks like today with late payments as a summary, more or less. Fannie Mae’s “trending” report will actually show a detailed 24 month history of each payment and the balance of that account for every month for the last 24 months. [Read more…]

Fannie Mae no longer requires revolving debts to be closed

MortgageThis week, Fannie Mae issued new underwriting guidelines for conforming loans approved through DU (Fannie Mae’s automated underwriting system). One of the new guidelines that is catching a lot of attention is that Fannie Mae will no longer require that revolving debts that are paid off in order to reduce a borrowers debt to income ratios and help them qualify, to also be closed.  The new guidelines will allow a revolving debts that are paid down to zero balance to no longer be factored for qualifying purposes.

If I can help you with your purchase or refi mortgage needs for your home located anywhere in Washington state, please contact me.

 

Fannie Mae offering Home Buyer Incentives

mortgageporterraiseFannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost!  A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.

[Read more…]

How will Fannie Mae’s Collateral Underwriter (CU) impact appraisals?

detctiveOver this weekend (April 18, 2015), Fannie Mae will be releasing the highly anticipated “Collateral Underwriter” (aka CU) to lenders. CU is intended to be a tool for lenders to use to help ensure the quality of appraisals on loans that originated as conventional/Fannie Mae. Fannie Mae’s tagline for CU is “Taking appraisal review to the next level”…many in the industry, from lenders, real estate brokers and appraisers, are a bit anxious over this new “tool”.

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Lenders Increasing Extension Fees

I’m receiving notices from a couple  of the lenders we work with that they are temporarily increasing rate lock extension fees due to Fannie Mae’s increased guarantee fees (LLPA) that will hit us in 2014.  An extension fee is an additional cost that may be charged in order to keep a rate locked when the rate lock is expiring.

[Read more…]

Fannie Mae to increase minimum down payment in November

Fannie Mae is scheduled to update their automated underwriting system (aus) Desktop Underwriter (DU) to DU Version 9.1 on November 16, 2013.  In their release notes from August 20, 2013, Fannie Mae reveals that for they will increase the minimum down payment from 3% to 5% for Fannie Mae conventional loans.

[Read more…]

Home Affordable Refinance Program: HARP 2.0 Updates

I’m pleased to share with you that we are working with lenders who are once again offering HARP 2.0 refinances with no appraisals (no loan to value requirements). Last year, our Freddie Mac resource for loan to values over 105% decided to pull out of the market, we now have another lender who is offering this product without loan to values overlays. This is great news for Washington state home owners who have lost equity in their homes (are underwater) and have a mortgage securitized by Fannie Mae or Freddie Mac prior to June 1, 2009. 

For more information about HARP 2.0 refinances, please check out my reference guide.

We also received updated guidelines from one of our Freddie Mac HARP lenders for loan to values 105% and lower offering reduced income documentation and expanded debt-to-income ratio guidelines. It’s nice to see lenders loosen up a bit on some of their underwriting overlays!

Fannie Mae HARP refinances are still readily available.

For your HARP 2.0 refinance rate quote on your home located anywhere in Washington state, please click here.

HARP 2.0 Refinances are available for:

  • mortgages that were securitized by Fannie Mae or Freddie Mac prior to June 1, 2009
  • primary residence, second/vacation homes or investment property
  • mortgages that have not yet taken advantage of the HARP refinance program
  • existing private mortgage insurance (including LPMI) is allowed in most circumstances

I am required to use the following language if I am soliciting business…and of course, I would love to help you with your HARP (or any) refinance for your home located in Washington State:

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup

NOTE: If your Washington state home currently has an FHA mortgage, owner occupied or investment property, we can help you refinance without an appraisal – regardless of your home’s current value. 

I’m happy to help you with your home refinance or purchase needs as long as your home is located in Washington state, where I’m licensed to originate mortgages.  For mortgage rate quotes for homes other than HARP, please click here.