June 1 is when Fannie/Freddie will require that you check to make sure that your clients have not incurred any new debts…or if they have a lower credit score, what is the reason is for the lower score. I found that Informative Research just launced a service called “PreCloseCredit” which offers a comparison and a summary of any changes from the initial credit report. Might want to check it out (no, i don’t have any affiliation with them) just thought it might help you out. http://www.informativeresearch.com/
Entries tagged with “Freddie”.
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Tue 1 Jun 2010
Checking Credit/Debts Prior to Closing Eff. 6-10-10
Posted by karen under Compliance
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Mon 1 Mar 2010
Handy Condo Comparison Chart Just Updated
Posted by karen under Uncategorized
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Fannie, Freddie, FHA and VA have made significant changes to the condo approval process–both for existing and new construction.
www.MortgageCurrentcy.com (see Charts/Checklist Toolbar) has created a handy comparison chart to share with your real estate agents! It will help determine what type of financing is eligible for which type of project.
Are you lending in a UDSA area? USDA says that they will accept ANY condo project that is approved by ANY agency–but the location of the condo has to qualify too.
Wed 30 Dec 2009
Freddie Extends HomeSteps to Jan 31, 2010
Posted by karen under Freddie Mac
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Freddie’s HomeSteps special financing for their foreclosed properties has been extended to Jan 31, 2010. Why don’t they just extend it for 6 months at a time–instead of month to month? Updated MortgageTalkingPoints(r) posted on the site.
http://www.mortgagecurrentcy.com/downloads/TalkingPoints_HomeSteps_111009.doc
Tue 3 Nov 2009
Freddie’s HomeSteps Promo Extended til 12/31/09
Posted by admin under Freddie Mac
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Freddie is trying to sell their foreclosed homes and is offering buyers awesome incentives to do so. Here’s some info from Freddie’s website but complete info can be found at www.homesteps.com
From HomeSteps Website: Now, no matter where you live in the United States, owning your own home may be more affordable than you think! If you currently rent or are considering homeownership, now is the time to make a SmartBuy. The HomeSteps SmartBuy purchase program may help you on your way to homeownership, with a little added peace of mind.
To qualify for this offer:
| 1. | Complete the SmartBuy Buyer’s Closing Cost registration form below to obtain your coupon. |
| 2. | Ask your real estate agent to show you the available HomeSteps homes in your area. |
| 3. | Confirm with your real estate agent that the Home Protect** Home Warranty is available with this home. |
| 4. | Present your completed Buyer’s Closing Cost coupon upon initial offer on a HomeSteps home. |
| 5. | Receive your SmartBuy Buyer’s Closing Cost offer, upon qualified closing. |
| 6. | Receive your Home Protect** 2-year Home Warranty upon qualified closing. |
| 7. | Complete and submit the Homebuyer Survey form to your Closing Agent (Closing Agent to provide) |
Don’t have a real estate agent yet? Click here to search for an agent near you!
This offer is only valid until December 31, 2009, so start searching for your SmartBuy home today at HomeSteps!
HomeSteps will pay up to 3.5%* of your purchase price in closing costs for initial offers presented on HomeSteps homes between July 17, 2009 - December 31, 2009.
Tue 24 Mar 2009
Don’t Let Rule & Reg Dates Sneak Up On You!
Posted by karen under Uncategorized
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Fannie, Freddie, FHA and VA usually gives you some notice when program or underwriting rules go into effect. Here are some dates that are just around the corner!
April 1, 2009 - FHA eliminates 95% Cash Out refinances. Order your case numbers by March 31–If you order on April 1, it’s too late! More details will be in the April 10, 2009 Rules and Regs Issue.
April 1, 2009 - Start closing loans using Fannie DU Refi Plus
April 1, 2009 - Freddie’s Relief Refi Mortgage goes into effect! Stay tuned–we are hearing that some servicers will be allowing the broker/banker, who originated the loan, to get involved! Start with Flagstar and call your other investors to find out!
May 1, 2009 - Start Using New VA Loan Summary Sheet
May 1, 2009 - Home Valuation Code of Conduct – Check with your lenders-each one has their own rules, including some who will be requiring you to use an appraisal management company for FHA and VA (which is stupid because the “code” specifically exempts these two appraisal types)!
Complete articles with explanations can be found at www.MortgageCurrentcy.com
