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What 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 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…
Read MoreMortgage Interest Rate Report – Week of 9/8
Mortgage update: Waller hints at a rate hike break Mortgage interest rates dropped last week after three weeks of record-high rates. The question we’re all looking at going into the month is: Will the Federal Reserve skip the interest rate hike in September? Federal Reserve Governor Christopher Waller said this week that recent strong economic data will…
Read MoreHow much money you need to make to afford a $600,000 home in September 2023
For first-time homebuyers, settling on the “right” time to buy feels like a losing game—especially in this current market. High inflation, steep interest rates, and a short supply of new homes have made the road from renter to homeowner more challenging. But the good news is that no matter what’s happening with the economy, there are…
Read MoreBank Statement Loans
Our Bank Statement Loan Program is an excellent tool designed to cater to self-employed borrowers who may struggle to qualify for traditional mortgage loans due to their unique income streams. These loans rely on bank statements, rather than tax returns or W-2s, to verify income–providing a more accurate reflection of your client’s true earning potential.Why…
Read MoreUnderstanding Homeownership Benefits
Homeownership offers a wide range of benefits, both financial and non-financial. Here’s a list of some of the most commonly cited Homeownership Benefits: Equity Building: Over time, homeowners typically build equity in their homes, which can be a significant wealth-building tool. Stable Monthly Payments: With a fixed-rate mortgage, homeowners can have consistent monthly payments, unlike renters who…
Read MoreDeposits and Transfers
During the mortgage process, there are typically two types of financial transactions that may occur: deposits and transfers. Let’s take a closer look at each of them: Deposits: Earnest Money Deposit: When you make an offer to purchase a property, you may be required to provide an earnest money deposit. This deposit shows the seller…
Read MoreMortgage Pre-approval
Here’s some general information to help you understand the mortgage pre-approval process: Gather your financial documents: To get pre-approved for a mortgage, you’ll typically need to provide documents such as pay stubs, W-2 forms, tax returns, bank statements, and proof of assets. This information helps us assess your financial situation and determine how much of…
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