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Forward this email to your LO!            "This class should be mandatory for all loan officers" - Susan, Solid Source Realty As bank-owned properties are becoming a major part of every agent's business, you the Loan Officer will need to know how to use programs that your real agent partners are...
Register to Receive FNMA Single-Family E-mail Updates, Alerts, and Newsletters To give you more options for receiving communications from Fannie Mae, they have enhanced their e-mail registration process. You can now register on to receive the latest single-family mortgage business ...
Excerpt: 1) There's a mortgage insurance program, as pushed by House Republicans, but it's completely at the discretion of the Treasury Secretary. Institutions can ask for insurance, Treasury "may" grant it. Verdict: Not gonna happen, at least not much. 2) There's an oversight board, which consis...
HUD has issued Mortgagee letter 2008-25 with new underwriting guidelines for borrowers who wish to keep their current home while financing the new home FHA.  Effective with all FHA case numbers assigned on or after September 22, 2008, rental income may not be used to offset the current mortgage p...
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific quest...
H.R. 6694 is approved by key Congressional Committee Bipartisan legislation would reauthorize downpayment assistance   GAITHERSBURG, MD - Ann Ashburn, President of AmeriDream, issued the following statement today after the House Financial Services Committee adopted H.R. 6694, legislation designed...
The FHA risk based pricing grid that went into effect July 14th will end October 1st. After October 1st, the old premium schedule will go back into effect with a few changes - notably a higher upfront premium of 1.75%  See Mortgagee Letter:
HUD sent out a new Mortgage Letter - ML 2008-23 - dated September 5th, that details new polices regarding down payment on purchases, LTV limits, seller concessions, and other information.  Please be aware these changes take place October 1, 2008. The Housing and Economic Recovery Act of 2008 revi...
Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpa...
Given the extraordinary move by the Federal Reserve to take the driver's seats at Fannie Mae and Freddie Mac this past weekend, we thought we would share some information we have gathered and provide some color on the action. The most succinct we have seen is Cantor Fitzgerald's summary (see atta...

Diego Hodge

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