FANNIE 1 YEAR SELF-EMPLOYED
On October 4th Fannie Mae released a bulletin making changes and clarifying rules around SELF-EMPLOYED. They are required to be implemented by Jan 1, 2024, but encourage lenders to implement immediately. Fannie Mae is now following Freddie Mac’s lead on businesses that have been in existence for 5 or more years. Fannie now allows providing…
Read MoreFICO TRUTHS
One of the biggest questions someone asks themselves when thinking about buying a house is do I qualify? Why not take the mystery out of one piece of the concern. FICO is. (Fair Isaac Corporation) is just one of the credit agencies but in truth it is what drives the five major international credit agencies…
Read MoreHighlight the Loan Options Available in Jacksonville, Florida
Regarding financing your dreams, the city of Jacksonville, Florida, offers many options to explore. From securing loans in Jacksonville, FL, for your new home to seeking a home loan in Jacksonville, FL, you’ll find various opportunities to make your financial aspirations a reality. Exploring Loan Options In the sprawling city of Jacksonville, Florida, residents and…
Read MoreMobile/Manufactured Homes
What is the Difference Between a Manufactured Home,Modular Home, and a Mobile Home? Mobile Home and Manufactured Home are the same thing. Manufactured home is just the new terminology to refer to the properties. No matter how the property is referred to, the key characteristics of a Manufactured Home are: a central beam running the…
Read MoreWhat is Duty to Serve?
In December 2016, the Federal Housing Finance Agency (FHFA)issued the Duty to Serve Underserved Markets rule, as required bythe Housing and Economic Recovery Act (HERA) of 2008. The Duty toServe rule directs Fannie Mae to improve access to mortgagefinancing for those of modest means in three housing marketsposing persistent challenges—and significant opportunities. Manufactured housing (MH)…
Read MoreRENTAL INCOME CHANGES
Both Fannie Mae and Freddie Mac have made changes to a portion of the rental income qualifications. These new RENTAL INCOME CHANGES guidelines are required to take effect as of January 1, 2024 but lenders are encouraged to implement them as soon after October 4th, 2023 as they are willing. FANNIE MAE LANDLORD HISTORY (INVESTMENT…
Read MoreFederal Student Loans: Payments are Once Again Due
Interest on federal student loans has been zero since the start of the pandemic, but as of Sept. 1, interest has started accruing again with payments, once again, becoming due. With rates typically between 3% and 7%, student loan payments can result in a significant increase in borrower’s monthly expenses as payments begin in October.Fannie…
Read MoreDivorcing? Sell or Refinance
Divorcing? Should I sell or refinance? Deciding whether to sell or refinance a property during a divorce can be a complex and emotionally charged decision. Several factors should be considered, including financial stability, emotional attachment to the property, and the goals of both parties involved. Here are some considerations for each option: 1. Selling the…
Read MoreBorrowers Catch A Break As FHA Changes Mortgage Application Rule for FHA and FHA loans in Jacksonville.
Applying for fha loans Jacksonville? Getting a low-down-payment FHA loan may be a little bit easier now. The Federal Housing Administration has stopped flagging applications from people with previous FHA loan rejections, removing a potential obstacle. The flags, which applications used to carry for six months, were meant to help originators of FHA-insured mortgages assess…
Read MoreHow to remove collections from your credit report
A collections on your credit report refers to an unpaid debt your creditor passed along to a third-party collections agency to chase the owed money on behalf of the creditor. The collection’s existence on your credit report is not ideal. It can severely lower your credit score and impact future loans. However, there are entirely above-board ways to get…
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