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"Loan Programs"
In the alphabet soup world of the mortgage business, some of the major sources of mortgage programs come by way of the Government Sponsored Enterprises (GSE) known as Freddie Mac (FHLMC) and Fannie Mae (FNMA) for conventional loans, and the Federal Housing Administration (FHA) for government insured loans. In the past several years, the role [...]
Continue Reading →Earlier this year, I wrote about proposed changes to the temporary FNMA/FHLMC loan limits. As we near the deadline, it is important that you keep these changes in mind as plan for your financing options. This article is largely the same information with some important updates. The big change that is coming, unless Congress passes [...]
Continue Reading →Most of the loans that are created now are ones that are underwritten to FNMA and FHLMC guidelines and that are sold on the secondary mortgage market (where loans are bought and sold). FNMA and FHLMC have accounted for the vast majority of loans created in the past several years through their purchase programs and [...]
Continue Reading →The one thing that is constant in the mortgage business is change. Whether it is programs, underwriting guidelines, regulations or interest rates and fees, there is always a different set of facts to deal with, almost on a daily basis. Here are a couple of changes to be aware of: FHA mortgage insurance premiums are going up [...]
Continue Reading →When the mortgage industry was going wild, oneof the most useful tools was the combinationfirst loan and second loan. As originators, we could use this combo loanstructure strategically, to help borrowers avoidjumbo loan pricing, or to avoid private mortgageinsurance. But when so many loans started to have problems,the appetite from investors, including Fannie Mae(FNMA) and [...]
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