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Fannie Mae Raises Credit Standards

Fannie Mae has tightened standards for the home mortgages it guarantees or buys. The government-sponsored provider of home loan funding told lenders Monday it will require a minimum credit score of 580 for most loans it buys on an individual basis. Credit scores range from 300 to 850. In the past, Fannie had no minimum […]

Opteum Mortgage Update

FHA 3/1 ARM:  With FHA becoming more and more important in our market, considering the loan limits in metro-Atlanta have increased to $346,250, I would like to highlight the FHA 3/1 ARM this week as a viable alternative to the 30 year fixed option.  The 3/1 ARM has a start rate that is almost 1% […]

Candidates Disagree on Foreclosure Fix

Daily Real Estate News  |   February 20, 2008 As the presidential primary in Ohio approaches, Sens. Hillary Clinton (D-N.Y.) and Barack Obama (D-Ill.) are highlighting their different housing proposals. Voters in Ohio especially are concerned about the housing proposals because the state has one of the highest foreclosure rates in the nation. Clinton insists that government […]

Are home owners getting smarter?

I would hope that fewer cash-outs mean that home owners are realizing that they should not take anything out right now, and not that they couldn’t due to the decline in value. But, see below: Fewer Home Owners Take Home Equity The number of cash-out refinancings fell to a three-and-a-half-year low, Freddie Mac said Friday. […]

Mortgage Update: 203K Renovation Program Available

I had some interest last week in the 203K FHA renovation loan which comes into play on purchases of homes that need repair work , such as foreclosures. Since it is an FHA loan, the price range cannot exceed approximately $260,000 in metro Atlanta, but there are plenty of homes that meet that criteria. And […]

Fed Surprises with Deepest Cut since 1984

The Federal Reserve surprised everyone Tuesday with an emergency intersession rate cut of .75%, the deepest cut in the Fed Funds Rate since 1984. The Fed Governors are acting in direct response to recent reports that the country is on the brink of recession.If you have credit cards, auto loans, HELOCs, or an Adjustable Rate […]

NACA’s outstanding mortgage product

NACA has over $10 billion in mortgage commitments for working people to purchase homes on the best terms anywhere with one mortgage product for all homebuyers The Lowest Interest Rate: one-percent below market rate for a conventional “A” credit loan with the below incredible terms: no down payment, no closing costs, no application fees, no […]

Sam Thompson: Opteum Mortgage

I was hoping this might happen.  FHA may be coming to the rescue.  There is a big void out there now for customers with sub-standard credit scores that cannot qualify for conventional loans.  There are others that already own a home and  have a loan but need help with the type of mortgage they used […]

Opteum Mortgage: Mortgage News

Ringing in the new year will be a present from Fannie Mae and Freddie Mac to borrowers with credit scores under 680. Here is what these borrowers on conventional loans with Loan-to-values over 70% will receive on either purchases or refinances: Credit score less than 620: Either a 2 discount point sur-charge or a higher […]