Recent policy changes from FHA, Fannie Mae and Freddie Mac are intended to make homeownership a more attainable goal for first-time homebuyers. What are the changes and what difference will they make? For those planning to enter the housing market for the first time, the right opportunity may come sooner than expected due to more favorable guidelines and lower costs.
As of January 26 Fannie Mae will make their Collateral Underwriting (CU) tool available to lenders during the underwriting process. The announcement has elicited mixed reactions from industry experts. So what does it all really mean?
When we come to the end of any calendar year, isn’t it amazing to look back over the last 12 months and realize just how much has transpired? And, of course, the resolution season is upon us. A blank page opens before us each January 1, presenting an opportunity to make changes and write a new chapter. Before we tear that last sheet from our calendars, let’s take a closer look at how the actions we take now – at the start of 2015 – can make the home loan process easier in the year ahead.
As the one year anniversary of the Qualified Mortgage (QM) loan guidelines approaches, the time is right to reflect upon the impact and the uncertainty of QM vs. non-QM loans. We have spent the past year working with QM loans and developing smart solutions beyond QM to serve more borrowers. The non-QM terminology lends itself to the perception that a loan and/or borrower is somehow inferior to one who is “qualified.” As a result, there is skepticism, uncertainty and fear associated with “non-QM,” which is misguided.
As kids, there are some things we all learn while we’re growing up:
• Never drink soda after you eat Pop Rocks.
• Cracking your knuckles will give you arthritis.
• You’ll catch a cold if you go outside without a jacket.
• It takes a 20% down payment in order to buy your first home.
Whether you are headed off to college, starting a job, saving for your first home, or a parent preparing a child for life on their own, money management and budgeting can create anxiety. Can I afford college? How do I save for a down payment? How will I pay my bills, save and still be able to have some fun? These three simple steps will help ease the uncertainty and set you on a path toward financial independence.
As a busy professional, your time is precious. Taking time away from the daily grind to attend a conference is a big deal. Attending networking or professional development conferences can be really valuable for relationship building, recruiting, inspiration, vendor and partner sourcing, education, innovation, and new business opportunities. In order to maximize the return on your investment, you must have a plan.
As former Fed Chairman, Ben Bernanke, recently found out firsthand, the mortgage process can be complicated and unforgiving. But when it comes to the credit report, are there still options to correct and improve initial findings so the end result might be loan approval or a better interest rate? Absolutely. One of the ways we accomplish this re-evaluation of the credit score is through a process known as a rapid rescore.
For years, popular apps like Zillow and Redfin have been putting home buying tools in the palm of our hands – making the search for a new home easier with a few swipes of a finger. But recently, we’ve seen several new apps leading the charge in giving buyers the power to visualize their real estate options, and REALTORS® a competitive edge in a challenging market.
You have money saved, a good job and you’re tired of paying rent. It’s time to buy a home. Now what? Where do you start? You are taking on what will likely be the most important financial commitment of your life and it’s not as easy as buying a new pair of jeans. You can’t take it back if it doesn’t fit.