2018 California Loan Limits Are Now Higher The table below lists new loan limits for counties in California all real estate mortgages starting January 1st, 2018. Those figures are based on new Fannie Mae and Freddie Mac guidelines. This is the second time since 2006 the Federal Housing Finance Agency’s (FHFA) increases the limits for
One of the factors that lenders look at when qualifying borrowers is debt to income ratio called DTI. In short, DTI ratio is the amount of debts dividing by borrower’s incomes. As you may have guessed, lenders like DTI to be low. For conventional loans, max DTI has recently increased since July 2017 from 45%
Interest Rates May Remain Low Through 2017 On February 8, 2017, St. Louis Federal Reserve Bank President James Bullard commented that interest rates can remain low through 2017. His comment bucked recent market consensus that Federal Reserve might raise interest rates three times in 2017. Bullard felt there was only need for one rate hike,
FHA loans: No seasoning requirement for short sales as long as the borrower was current on the mortgage, and all other installment debt for the 12 months preceeding the short sale. Lenders may also grant an exception if short sale was result of of documented extenuating circumstances that were beyond the control of the
Some lenders may offer minimal documents from borrowers; however to ensure the income and assets are not missing out during approval process, please making sure you have this check list of documents for your loan officer: 1. W-2’s and or 1099’s, along with Federal Tax Returns with ALL Pages and ALL Schedules for 2 most recent
We tend to focus on borrower income base on their paystubs (for wage earners) and tax returns (for self employed), however there are many other sources of income that lender also allows for borrowers loan qualification. Here are the list of all possible sources of income: Alimony & Child Support: Allowed to use for
“HomeReady recognizes the growth of extended-income households by allowing the existence of non-borrower income to be considered a compensating factor in Desktop Underwriter® (DU®). HomeReady permits the borrower to have a higher debt-to-income (DTI) ratio – higher than 45%, up to 50% – considering available household income to provide additional assistance with household expenses if
Unfortunately, the earlier news about the FHA rollback on the reduction of annual mortgage insurance premiums has been suspended indefinitely. It now appears that HUD rescinded the FHA premium reduction on Friday as part of the Trump Administration’s plans to overturn a host of regulations/policies implemented by the Obama Administration. FHA will issue a subsequent Mortgagee
At National Brokers, we understand that loan process can sometimes be stressful and take time to gather documents for loan approval review. Our lenders now offer e-signing documents that borrowers can sign while in line to get their lunch. In addition, we also minimize income documents from buyers. If you are W2 income borrowers and your
Federal Housing Administration, known to be the government insurer of low down-payment home loans, has just reduced annual mortgage insurance premium by 25 basis points. FHA pointed out that the reduction in insurance premium was due to the improved financial condition of the FHA’s insurance fund and continue to make home-ownership less costly. With the
