Month: September 2017

More Appraisal-Free Mortgages as Fannie Mae Expands Property Inspection Waiver

More homeowners and homebuyers can hope for appraisal-free transactions as Fannie Mae’s property inspection waiver is in full swing. Approvals on conventional loans with no appraisal are expected to climb, reducing the costs and time it takes to get a mortgage. An appraisal is a staple in any refinance or purchase transaction. Lenders normally require it to ensure the home’s value as collateral for the loan and to keep under maximum allowable loan limits per the mortgage program guidelines. Appraisal documentation standards and time needed to complete the report have increased. It’s no surprise that appraisal costs have increased...

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Why Should You Get a Mortgage Pre-approval First?

It’s quite easy to get caught up in the excitement of looking for a home to buy. But within your home buying journey, establishing that you’re a serious buyer is a plus. Usually, this can be established through a mortgage pre-approval. Buying a new home is a long process. It takes effort and preparation, especially when applying for a mortgage, looking for the right lenders or even when house hunting. But getting mortgage pre-approval would help lift some of that burden off. WHAT IS A MORTGAGE PRE-APPROVAL? Before going into details, it’s important to know that pre-qualification is different from pre-approval. Pre-qualification...

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Fannie Mae Offers Solutions for Borrowers with Student Loans Buy Homes, Reduce Student Debt

Fannie Mae has unveiled three big changes to how conventional loans are underwritten via Desktop Underwriter® Version 10.1. These new policies are meant to bring homeownership closer to borrowers with student loans or at least, reduce their student debt via a refinance. “We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution,” according to Fannie Mae’s Vice President for Customer Solutions, Jonathan Lawless in an accompanying public statement. Students loans are a nationwide burden for $1.34 trillion,...

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Turning Homeownership into Reality

Homeownership is an exciting experience. More than a goal, it is a journey. For it to be meaningful, it has to be experienced. Homeownership is very personal. However, all homeowners have one common desire — to keep their homes, where they feel safe and secure. Turning it into a reality can be both fun and scary. It can be the most expensive and biggest investment you will have to make. At the same time, it can be the most fulfilling. There are many faces of homeownership. Each one has a story to tell. For each person who aspires to...

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