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Showing posts from December, 2015

Keep Those Mortgage Questions Coming!

Keep Those Mortgage 
Questions Coming!

Maybe because of the timing of the release of Fannie Mae's new mortgage program ... that being December 21st during the week leading up to the 2015 Christmas Holiday ... the fanfare and media hoopla that typically surrounds the release of a new mortgage option for First-Time Home Buyers was somewhat drowned out.  Many people's attention, both public and professional, was simply directed elsewhere to a large degree on that day.
So given that timing, I was particularly happy to receive the large number of questions and the feedback I did to my recent post regarding the "HomeReady"program entitled, "Lending Guidelines More Favorable for Borrowers".  
     Seeing those questions roll in told me that there's still a need for ... and excitement surrounding ... this program.
The questions gave me an opportunity to provide even more details about the   "HomeReady" program within the responses I provided.  Details that…

Lending Guidelines More Favorable for Borrowers

Lending Guidelines More  Favorable for Borrowers


On December 21, 2015, Fannie Mae rolled out a new "more forgiving" loan program.  One that will make it easier for Borrowers to qualify for a mortgage.  That program's name is "HomeReady".


"HomeReady" is a lending program requiring only a 3% down payment be made on the purchase of a home.  
     Via this benefit found in its "HomeReady" program (less money down), Fannie Mae offers an option to Borrowers/Home Buyers that competes favorably with a current option offered by FHA requiring a 3.5% down payment.

     In fact, not only does this new "HomeReady" loan program give Buyers/Borrowers an option for Loan Approval that might not have existed prior to its implementation, it opens a door to a broader range of property types for consideration for financing and/or purchase by those Buyers/Borrowers.

Why?   Because certain Condominium Projects and certain homes with mechanical faults and/or c…

Check That Holiday Gift List Again ...

Check That Holiday Gift List Again ...

Are YOU on it anywhere??
 What I mean is ... often we can get so busy doing all the right things for others during the Holidays, that we overlook ourselves.
Just think what you've had to do and accomplish this Holiday Season:  You've definitely proven that you have the skills to plan, budget, coordinate, organize, and deliver the goods.  Your list of accomplishments is really quite amazing.
But ... checkthrough all the important people and "to do's" on your Holidays list.  Did you find yourself and your needsanywhere?  Hmmmmm ....
If you're a Renter:  Perhaps you've been tossing around the idea of buying in the coming year.  The feasibility of it.  Wondering what options you might have. 
Or if you presently own a home:  You may have been dreaming of moving into a larger, newer home.  One located in another area, another school district, or closer to work.  
     There are hundreds of reasons why you may hope home buying is …

The Unicorn of Real Estate Transactions: The "Perfect" Appraisal

The Unicorn of Real Estate Transactions:  The "Perfect" Appraisal  


Did you know that ...

According to a survey performed by the National Association of Realtors (NAR), 1 out of 5 Real Estate Contracts (20%) are delayed prior to Closing as a result of disagreements and problems within the Appraisal Report.

Even with all the info and data available to Appraisers ... as well as Underwriters, Lenders, and Regulatory Organizations ... this fact remains:  

Performing the perfect Appraisal remains an unattainable goal.  The perfect Appraisal simply doesn't exist.

It's like the mythical unicorn ...

Why?

Despite all the automation and software programs available and in use, Appraisals are still conducted and written by humans.  Humans working within an industry that doesn't and can't possibly provide a manual for a "one-size-fits-all" Appraisal Report.

Just like no 2 properties are alike, no 2 Appraisers view a property the same either. Even when presented the exact…