We’re officially in the midst of tax season (if you haven’t done yours already, consider this your reminder!), which magnifies the amount of borrowers we encounter who owe back taxes to the IRS. Owed taxes that aren’t paid can result in tax liens, which take superior position to mortgage liens – an item of great concern for lenders. While Tax Liens will always need to be … [Read more...] about Fannie Mae Guidance on Federal Income Tax Repayment Plans
(this has been around for awhile) Purchase transactions can be made difficult when the borrower retains or plans to sell their departing residence, but will not be rented or sold prior to closing. For this reason, Fannie Mae provides an opportunity to omit the liability from the vacated property, as outlined below: If the borrower's current principal residence is … [Read more...] about DID YOU KNOW? Fannie Mae Pending Sale Option
Happy Friday! The OC Fair begins... Please see attached a great brochure to hand out to prospective clients related to buying a condo or townhome. If a first-time buyer, or someone downsizing, this brochure could say a lot about it for you. Attach your card and mail or just e-mail it. Click here to download a copy. Keep your eyes peeled for a big announcement in the near … [Read more...] about Condo Buyer’s Guide: What you need to know when buying a condo.
Happy Friday and Fourth of July! Please see attached a great chart on Conventional Mortgage Insurance Cancellation. Feel free to use this in an update to clients and prospects or in any newsletter. Or, your client can simply call me for the information over the phone. :) Be safe! Don … [Read more...] about Cancelling Private Mortgage Insurance
Happy Friday Again! Mortgage rules easing again! Debt to Income (DTI) Ratios expanding. July 29th, this rule takes affect for Fannie Mae. Freddie Mac and Fannie Mae more recently have allowed this case by case with enough compensating factors, but often loans would not receive that enviable "approve/eligible" finding. Now, it appears we will see many more approvals … [Read more...] about Mortgage Rules Eased Again