Posts tagged as:

fannie mae

BREAKING NEWS: FHA Lifts No Flipping Ban – Translation: More FSBO’s Available on the Market

What is “House Flipping” anyway?
House “flipping” is when someone buys a home at, ideally a below market price, fixes it up, then resells it as soon as it’s been rehabilitated for a healthy profit.
In the past, there has been many instances of collusion and conspiracy to turn huge profits at the expense of those who [...]

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10 Things to Know About Getting a Mortgage in 2010

by Scott Schang December 21, 2009 Market Updates

Luke Mullins of US News & World Report wrote a really good article last week that I wanted to share with you.

Getting a Mortgage in 2010: 10 Things to Know
1. Still tight: The steep run-up in home prices during the first half of the decade was fueled in large part by breezy lending standards. Some [...]

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Challenges with Financing the Purchase of Condominiums

by Scott Schang October 20, 2009 Resources from Classes

Expect the prices on condominiums to drop in the very near future.
As Fannie Mae and FHA tighten qualifying guidelines, the buyers of condos may find it near impossible to get bank financing.
It stands to reason then, that condos that are approved for Fannie Mae and FHA financing will be in high demand and very competitive.
Here [...]

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Qualifying for a CalSTRS 80/17 gets a little harder on December 12th, 2009

by Scott Schang September 28, 2009 Loan Programs

On December 12th, 2009 Fannie Mae is tightening its underwriting guidelines to make a little bit harder to qualify for the purchase of a new home.
We’re getting ahead of ourselves now, let me give you little more background before we explain exactly what this means and how it may or may not affect you.
The CalSTRS [...]

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CalPERS Member Home Loans: Conventional Loan Programs

by Scott Schang August 28, 2009 Loan Programs

Conforming Fixed Rate Mortgage
Conventional mortgage loans are not insured by State or federal agencies as FHA mortgage loans are. They also offer different qualifying and underwriting guidelines than FHA mortgage loans.

Purchase or refinance

Loan amount up to $625,500

A down payment of 5 percent is required.

This is a 10- to 30-year, fully amortizing fixed rate mortgage loan.

Eligible [...]

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How Long do I Have to Wait After a Bankruptcy, Short Sale or Foreclosure?

by Scott Schang February 2, 2009 Credit & Qualifying

I get this question all the time and I finally got smart and decided to post it here for everyone….There are so many things I want to share and so little time to write about all of it!
The Guidelines are different depending on whether you’re using an FHA loan or a Conventional loan to purchase [...]