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June, 20, 2014 | 0Comments

  Attention wanna be home buyers! Today, if you have 20 percent down, stable income and reestablished credit, you can buy a home two years after executing a short sale or deed-in-lieu-of-foreclosure or pre-foreclosure sale. That’s about to change. Want to Buy a Home? Move Fast! If you concluded a short sale or deed-in-lieu-of-foreclosure between two and four years ago, you need to get moving if you want to buy a home today. Fannie Mae is lengthening its mandatory waiting period from two years to four as of August 16, 2014. That’s when the latest version of its Desktop Underwriter (DU) software goes into effect. This will bring Fannie Mae’s underwriting in line with Freddie Mac’s. Freddie already requires a four year waiting period unless there are extenuating circumstances that caused

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June, 19, 2014 | 0Comments

While no one, regardless of income, really likes getting a mortgage, it does seem that upper-income borrowers are better at it. A January 2014 survey by mortgage colossus Fannie Mae found that higher-earning borrowers chose lenders with the most competitive rates. They were more likely to shop online, obtain multiple quotes from competing lenders and choose their loans based on rates and costs. Less affluent borrowers, on the other hand, were far more likely to rely on advice from their real estate agents, family and friends. They were less likely to seek out and compare interest rates when deciding on a home loan. Information, Please! The higher earners indicated that they would appreciate being able to “shop and compare loan terms from multiple lenders at once.” That was their top choice

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June, 13, 2014 | 0Comments

Mortgage rates ticked upward slightly in the first week of June, but are still lower than they were at the end of 2013. Anyone looking to take advantage of low rates should act quickly though, because there are multiple signs that this valuable opportunity could be short lived, and it may be quite some time before rates are seen this low in the foreseeable future. Recent Mortgage Rate Changes Prior to rising in early June, 30-year fixed mortgage rates had fallen for five consecutive weeks. Those rates are now at 4.14 percent, according to mortgage finance company Freddie Mac. When the year began, rates were 4.48 percent, so after rising last year, home loan rates have been on a downward track so far in 2014. Lower home loan rates reduce

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June, 11, 2014 | 0Comments
June, 9, 2014 | 0Comments
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