New Fannie Mae “No Credit Score Loan” Program @ 90% LTV

Fannie Mae has made enhancements that now allow the assessment of Mortgages when no Borrower has a credit score and when not all Borrowers have a usable credit score.

 Purchase or no cash-out refinance
 1 unit property
 All Borrowers must occupy the property as their Primary Residence
 LTV, CLTV, HCLTV not to exceed 90%
 The loan must be a Fixed-rate mortgage
 High Balance Loans and Manufactured Homes not eligible
 The debt-to-income ratio must be less than 40%
 Reserves determined by DU
 Approve/Eligible Finding required

 Each Borrower must have at least 2 payment references in the US comprised of Nontraditional credit references and/or tradelines not appearing on the credit report. If 2 or more Borrowers have the same nontraditional credit reference, then the credit reference may count for each of those Borrowers.

 Each nontraditional credit reference must have at least a 12 month consecutive payment history.

 At least one Borrower must have a housing payment history as one of the credit references and have no 30-day or greater delinquency in the most recent consecutive 12 months.

 For all other nontraditional credit references excluding housing payment reference, only one credit reference may have 1 30-day delinquency in the most recent 12 months and no 60-day or greater delinquencies in the most recent 12 months.

 No collections (other than medical collections) or judgements filed in the most recent 24 months is allowed.

 Judgements, liens, collections, and charge-offs of non-mortgage accounts must be satisfied.

 Any derogatory credit references that appear on the credit report must be considered in the final underwriting decision. Nontraditional credit references cannot be used to offset a previous derogatory credit history. A Borrower with derogatory credit references such as bankruptcy or foreclosure must have re-established credit in accordance with B3-5.3-07.

 One borrower must participate in a homeownership education program before the Note Date when the credit for all Borrowers is established using only nontraditional credit references.

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(M) 214.435.8825 | (F) 866.343.3688
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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

Misconceptions on Student Loan repayments are hurting home buyers while qualifying… We have some Solutions…

FHA, VA & FNMA have all changed policies regarding student loan repayments and for some with large amounts of educational debt, it has limited or made it impossible for them to qualify to purchase a home.

We have identified a few solutions to help these buyers that may have been flatly rejected by other lenders or banks. Give us a call and we can help!

MGIC Mortgage Insurance recently published this great article —

Why It’s Okay to Have Student Loan Debt

by Vance Edwards, CMB | Sep 15, 2016 | 1 comment

Click Here to read the rest of the Article

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

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Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

Freddie Mac says 2016 Will Be the Best Year in a Decade for Real Estate

A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, exclaimed: “All indicators point to this spring being the busiest since 2006.” Now, Freddie Mac has doubled down on that claim and is saying that 2016 will be the best year that the real estate industry has seen in a decade. In their March Housing Outlook Report, Freddie Mac explained:

“Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”

The key indicators that have given Freddie Mac such a positive outlook are:

Low interest rates
A resilient labor market
An increase in household formations
A projected increase in newly constructed homes

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TRID – Government over regulation causing lenders to shut down!

TRID Problems Led to W.J. Bradley’s Demise

Becoming the 3rd Retail Lender to halt originations in recent weeks!

By Brad Finkelstein March 16, 2016 – National Mortgage News

W.J. Bradley Mortgage Capital shut its doors after it was stuck with nonagency loans with TILA/RESPA integrated disclosure issues that it couldn’t sell.
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Without specifying the Centennial, Colo.-based lender by name, David Stevens, president and CEO of the Mortgage Bankers Association, said uncertainty about how regulators will police the new borrower disclosures that took effect in October is creating friction between originators and investors.

“One of the recent announcements of a large mortgage lender that shut their doors in the last several days, I quite frankly believe it has a lot to with this, [is] the loss over a cap line with an investor. They were rejected on the nonagency side,” Stevens said Wednesday during a speech at the Regional Conference of MBAs, ongoing this week in Atlantic City, N.J.

W.J. Bradley was one of the first lenders to roll out a non-qualified mortgage loan program. But it lost its warehouse funding because it had jumbo mortgages stuck on its line of credit with TRID issues, according to a former employee of the company who spoke to NMN on condition of anonymity.

Previous attempts to contact the company were not successful and a new attempt to contact W.J. Bradley for further comment has not been returned.

A memo obtained by National Mortgage News sent by W.J. Bradley to its employees on March 13 only states the company made “a strategic decision to wind down their businesses.” It did not specify why.

Before the TRID rules took effect, lenders and compliance experts expressed concerns about the salability of mortgages with TRID defects. W.J. Bradley is the third retail lender to stop originating loans in recent weeks, joining Walter Investment Management’s Ditech Financial subsidiary and the $24 billion-asset BankUnited in Miami Lakes, Fla. However, Ditech and BankUnited remain in the origination business through other channels.

Freddie Mac INCREASES investment property loan limit from 4 to 6 properties !

Freddie Mac has made a pair of changes when put together are going to open up some new opportunities for investment property business that were not possible before. Let’s take a look.

Change number 1
Freddie Mac has now raised the maximum number of financed properties from four to six with no change to LTV, credit score, or transaction type. Yes, you can get cash out on property number six! This change is out lined in seller service guide volume 1 under section 22.22.1. This will come as welcome news as Fannie Mae does allow for up to ten financed properties but once you finance property number five you can only close purchase transactions or rate and term refinances. In addition to the transaction type FMMA also lowers the LTV, increases the reserve requirements, and the credit score, this won’t be a concern with Freddie.

Change number 2
Freddie Mac is no longer requiring a two year history to use rental income for investment properties. The advantage here is if you have a borrower that has been acquiring properties but has not had 2 full tax seasons to show the proper history. Now your newer investment purchasing borrowers can move forward a few more properties in a shorter time. This change was made in the seller servicer guide volume 1 under section 37.14.

By Michael Whitbeck|October 5th, 2015| Original Article

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885 E. Collins Blvd Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122
Apply Online – www.MortgageXperts.com

Congress raiding FNMA coffers to pay for Unemployment Benefits Extension

The problem with a tax like this is where to get the money. No problem. We’ll just go to Fannie Mae and Freddie Mac. You know, those two companies that are totally kicking ass right now making more money than any other government agency (thanks to their conservatorship), that a bunch of congress people want to tear down. Yeah, that company.

How does Fannie Mae and Freddie Mac pay for the Unemployment Extension Tax?

A G-Fee hike of course. Thank goodness Mr. Mel Watt has a temporary hold on it right now as he wants to evaluate it. But, rest assured, it’s probably going to happen. We just find it strange that the place they go to get the tax satisfied is the very place that they feel should be terminated as soon as possible.
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How do you feel about future homeowners paying for the Unemployment Extension Tax? Let us know down below.

READ MORE

via Homeowners to Cover Unemployment Extension | National Real Estate Post.

Fannie, Freddie loan limits to remain unchanged

The maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac is staying the same, at least for the moment.

The Federal Housing Finance Agency announced today that the maximum loan limits for Fannie and Freddie will remain at $417,000 for most areas of the country and up to $625,500 in more expensive markets. The announcement comes after months of industry protest over Acting FHFA Director Edward DeMarco’s announcement that he would lower the loan limits.

FHFA could still lower the loan limits in the middle of next year. DeMarco said last month that any change in the loan limits wouldn’t come until spring of 2014 at the earliest, and that the agency would give at least six months’ notice before making any changes.

But many mortgage professioanls don’t want to see the limits lowered at all. More than a dozen mortgage and housing industry groups have gone on record opposing the plan, and several sent an Oct. 8 joint letter to DeMarco urging him to abandon the idea.

“We believe such changes at this time would have a very disruptive impact on the availability of affordable housing credit, on our housing recovery and our economy as a whole. Not only is lowering loan limits bad for housing, we question to what extent FHFA’s authority would allow for such a change,” the letter stated.

Members of Congress aren’t so hot about the idea, either. Sixty-six House members signed an Oct. 10 letter to DeMarco slamming the plan.
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“Such action by a single regulator would serve only to further tighten credit availability and thereby erode progress in our fragile housing recovery,” the letter stated. “Currently, homeownership rates are at an historic 18-year low. Mortgage credit is virtually nonexistent for middle class Americans with less than stellar credit. Unless borrowers have a credit score of 760, conventional mortgage financing will simply be out of reach.”

Members of Congress also questioned DeMarco’s authority to lower the limits in the first place, but DeMarco has remained adamant that he has the authority and intends to exercise it.

All that could change, however, if Rep. Mel Watt (D-N.C.), President Obama’s nominee to head the FHFA, is confirmed. Many observers think Watt would focus the agency more on helping struggling homeowners, and would be less inclined to lower conforming loan limits than DeMarco.

Watt’s confirmation was initially blocked by Senate Republicans, but a recent rule change means he now requires only 51 votes to be confirmed.

http://www.mpamag.com/mortgage/fannie-freddie-loan-limits-to-stay-the-same–for-now-16294.aspx

J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

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