Braoden mortgage access to those who don't have a credit score? Counting income from those not on the loan? Traditionally, the term 'family member' has been a loosely-defined concept in mortgage qualifying. From the wsj.com:...
I saw these questions from Ed DeMarco on Twitter. My answers: 1. Have the M.I.D. apply towards primary residence only (not second homes), and lower from $1,000,000 to $500,000. Those buying in hopes of a bigger write off will still buy a house, and take the partial...
Fannie Mae announced that they have eliminated the Anti-Buy-and-Bail rule, the underwriting guideline that has held back so many move-up buyers. The previous rule meant that buyers who already owned a property had to have at least 30% equity in it; other wise they...
We haven't been hearing much lately about how tight credit is choking off the housing recovery. Once it was announced that the GSEs were going to purchase 97% loans for the first time is five years (which starts today), the tight-credit talk started to subside. But...
Hat tip to both daytrip and just some guy for sending in this article from the latimes.com: http://www.latimes.com/business/realestate/la-fi-equity-building-mortgage-20150103-story.html#page=1 All with no down payment, no closing costs and no mortgage insurance. The...
The politicians, talking heads, and NAR pitchmen think that tight credit is to blame for a lackluster housing recovery, but those of us on the street know the local market has been red hot with demand. The strict underwriting is more of an annoyance that anything,...
Rob Dawg brought up how discriminatory the underwriting guideline is for those who use interest/dividend income to qualify - they have to prove that the income will extend three years into the future. Yet those homebuyers on salary or hourly pay don't have to make...
Seniors can have trouble qualifying for a mortgage, in spite of having ample assets. Here are some tips, from the wsj.com (their comments are good too): http://online.wsj.com/articles/jumbo-loan-challenges-for-retirees-1416413430 High-net-worth individuals often will...
From the wsj.com: A new mortgage lender is loosening documentation requirements, allowing applicants to provide less paperwork on income and assets than is typical to get a home loan. Social Finance, a peer-to-peer lender often referred to as SoFi, rolled out mortgage...
Hat tip to daytrip for sending this in from cnbc.com: The sharp rise in home prices in 2013 caused two conflicting results: The return of positive home equity for hundreds of thousands of borrowers and considerably weaker affordability for an equally large pool of...
