If the following appraisal guidelines look foreign to you, that’s okay, because this update is intended for Appraisers and Underwriters. 1. The Market Conditions Addendum (Fannie Form 1004MC/Freddie Form 71). 2. At least 2 comparable sales within 90 days of appraisal date. 3. A minimum of 2 active...

Phoenix, AZ FHA loan limits in Maricopa County have just increased from $271,050 to $346,250. This is a great opportunity to purchase a home.

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...

After two solid days of gains MBS took a breather, with the FNMA 30 YR 4.5% ending where it started.  Mortgage Rates both FHA and Conforming did show improvement when released this morning, after lenders accepted the fact the past two days improvements were solidified. The House Financial Services...

The new buzz word in mortgage is a Streamline.  As a borrower you have probably seen the ads and have been solicited for a “No Cost Streamline!”.  Before you run off and start applying, take time to find out what a Streamline Refinance is and who qualifies to take advantage of a Streamline? First...

With a New Year brings New Guidelines. Many in response to HR 3221. This is not the all encompassing list of New Guidelines; just the ones I feel have a major impact on purchase and refinance transactions.  (Read all of HR 3221) Thursday (01/08/09) Fannie and Freddie announced they are extended the...

FHA 203k Rehabilitation Home Mortgage loans are used to Purchase or Refinance and rehabilitate an existing One to Four family residences (Residence must be 1 year old) that will be used for residential purposes. FHA approved Condos are eligible as well. With Conforming loans a lender will not release...

In another week of up-and-down trading, mortgage rates ended the week slightly higher last week. Ping-pong action like this has defined mortgage markets lately.  It’s increasingly common for rates to soar one day, and then come crashing down the next. In response to market volatility, mortgage...

The Short Payoff Refinance, which is done through our standard FHA Loan Program.   Where as a “Short Sale” has become a well known solution for borrowers to avoid foreclosure by selling their home for less than what is owed, the “Short Payoff Refinance” (Short-Pay Refi or SPR) is becoming...

In the past few months I have written a lot about FHA loans and the benefits of this “in vogue” mortgage product. We have also talked about the tightening of the industry, especially in the Freddie/ Fannie Conventional world.   If I told you that there was a Conventional loan that had: NO down...