According to Realty Times, beginning October 20th. Fannie Mae will be tightening some of its underwriting standards for condo buyers and home owners wanting to refinance. The new guidlines are aimed at reducing Fannie Mae's risk as well as forcing more borrowers to shop around for mortgages.
Condo buyers who have les than 20% down payment will have to complete a condo questionnaire about the homeowner association's finance goals and supply additional documents such as a reserve study, by-laws and a copy of the master insurance policy.
Expanded Approvals for Fannie Mae refinance will be ended. These approvals were believed to help borrowers qualify for a mortgage when they didn't have a perfect combo of loan-to-value and debt-to-income ratios.
Self-employed will now have to furnish two years of federal income tax returns, instead of one. Underwritiers will then base income on an average of the last two years. One bad year of income could sink a sel-employed home owner's application.
Author:Kelly Olsen Phone: 201-669-7520 Dated: October 10th 2012 Views: 1,558 About Kelly: Having the right real estate agent means having an agent who is committed to helping you buy or sell...
The Crawford Home Selling Team is one of the premier real estate teams in NJ. Consistently ranked in the top 100 teams in the country, our motto is treat every client like they are your only client. Give us a call and let us show you what we can do for you!
There are some interesting trends developing in the local Real Estate
"For Gordon Crawford:
Gordon made my experience as a first-time home buyer as stress free as it can be. He came highly recommended, and didn't disappoint. I had dealt with a couple of agents before I met Gordon, and both were a nightmare. Moving from Hoboken, Gordon introduced me and my fiancé to the Morris County area. He spent an exceptional amount of time pointing out the local hot spots, pros/cons of neighborhoods, and overall made me feel comfortable narrowing the search. His approach to finding the right home was refreshing, if not tedious, taking us to various listings to see a single detail we may like so he could narrow the search. He often would say, "I know this isn't the right place for you, but what do you think about the yard/kitchen/bedrooms/etc?". When the listing for the home we eventually bought came up, he immediately knew we'd like it.
Gordon walked us through the inspection, negotiation, and closing process. In the rare case when he wasn't able to answer the phone, Gordon's responsiveness was excellent as well. I love the home I'm in, but if I ever need a change, I hope to have Gordon as my agent in the future."