Category Archives: Mortgage Guidelines

Bank Mortgage Lending Policies Appear To be Easing

According to the Federal Reserve’s quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It’s a huge departure from just 2 years ago when the mortgage industry was facing its first wave of challenges. Continue reading

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Yes, You Can Still Get A Mortgage If You’re Pregnant

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant”, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing. Continue reading

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Loan Application Alert : Conforming, Interest Only Mortgages Guidelines Change Next Week

If you plan to finance your home with a conforming interest only mortgage, get your loan application submitted no later than this Friday, June 18. Starting next week, Fannie Mae is clamping down on the popular loan product. Continue reading

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Fannie Mae’s Loan Quality Initiative : Repulling Your Credit Just Before Closing

A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage. Continue reading

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The Right Way To Take A Cash Gift For Downpayment

As lenders tighten mortgage guidelines, minimum downpayment requirements are increasing. It’s leading to an increase in the number of buyers accepting cash gifts from family. There’s a right and wrong way to accept a gift. Continue reading

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Your Florida Home Mortgage Approval Isn’t Final Until It’s Funded

A mortgage approval is never final until it’s funded. A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today. Continue reading

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1 In 8 Mortgage Banks Tightened Prime Mortgage Standards Last Quarter

The Federal Reserve says that financial markets “remain supportive of economic growth”. Residential mortgage guidelines, however, continue to tighten. If you’ve applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve’s quarterly survey of its member banks. Continue reading

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Fannie Mae Tightens Guidelines On ARMs And Interest Only Products

For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages. Continue reading

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