Tim Sweeney's (redmen910) Blog

Non owner occupied to become more difficult.  Maximum conventional loan amounts are currently at 85% ltv.  That is for a 1 unit rental property.  Likelyhood is that the PMI companies will restict that to 80% ltv in the new future.  New industry guidleines are making it more difficult to purchase ...

Starting this week Fannie Mae will begin passing on new credit score based rate hits through lending institutions.  For example, if you have a credit score between 620 and 639, there will now be a 2.5% bump in yield spread on any purchase loan.  There may still be additional bumps depending on lo...

Fannie Mae has announced they will no longer purchase ALT-A paper from lenders beginning January 1st, 2009.  No surprise there as the few companies that still lend that kind of money have severly scaled back the LTV limits and Credit requirements.  Probably was a no brainer from Fannie MAE and I ...

There are really only 2 types of lending still available today, assuming nobosy wats hard money loans.  There is the conventioanl mortgage and the FHA mortgage.  Generally if you have very good credit, their really is no reason to go FHA.  However because of changes in PMI and lender guidelines, ...

In addition to the mortgage industries obvious problems, credit card companies, auto loan financing, and student loan lenders are also beginning to show signs of wear.  It is no longer easy to get any type of financing without outstanding credit---at least a 740 fico score.  I reccomend pulling y...

Delaware, Montgomery, and Bucks counties have been added to Fannie Mae's list of Moderatly Declining Markets as of August 1st.  This will effect the percentages lendable on programs in these areas and may call for multiple appraisals on all transactions including FHA.  Make sure any past pre-appr...

In addition to the .250% pricing bump accross the board, Fannie will also be adjusting the credit score/LTV pricing adjustments...of course they will be getting slightly worse.  Cash out refinances will have significant bumps even with high credit scores(high being over 700).  There will be some ...

Over the next few weeks Fannie Mae will be introducing an additional price hit on all loans it accepts.  Earlier this year they added .250% to every file in an effort to increase profits.  They are now increasing that by another .250% per loan so that starting in October, they will be making an a...

As the mortgage industry continues to constantly change and tighten, we look to educate our borrowers on what they can get, why they are getting it, and what they can do to improve themselves.  In my 11 years in this business, I have found the best way to gain the trust of my clients is to treat ...