2009 New Loan Limits “High Cost” Areas

As part of the stimulus package passed last week, Congress authorized a temporary increase to conforming loan limits in certain high-cost parts of the country. “High cost” is defined by a regions’ median sales price. With the temporary increase, a greater share of Americans can now...

Mortgage Rates February 12, 2009 – Socialism Undercover

Mortgage Backed Securities reacted negatively to the days new of socialism, by giving up 19bp (30 YR 4.5% FNMA).  Lenders released a mid day price increase which hit both FHA and confirming mortgage rates.  Once the Subsidy chatter hit the wires, the DOW recouped its losses, while MBS gave up there...

Fannie Mae Rolls-Back Investor 4 Property Limit

Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months. Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however. Homeowners buying a 5th,...

Acquisition Of A New Property – New Mortgage Guideline

Mortgage guidelines continue to change, add this to the New Mortgage Guidelines 2009 list. Lenders who sell their paper to Fannie Mae and Freddie Mac (the majority of Lenders) have implemented a new guideline for individuals who are prospective Mover Uppers and Investors. The three facets prospective buyers...

New Conforming Mortgage Fees Go Into Effect Monday

Even though its effective date is April 1, 2009, mortgage applicants should start seeing Fannie Mae‘s new fee structure from lenders beginning this Monday, January 12. The reason why Fannie Mae’s mandatory loan fees are hitting lender pricing so far in advance is because lenders can take up to 30...