Important Announcement! Big Changes from Fannie Mae
Fannie Mae has changed the underwriting guidelines for investors who own more the 4 financed properties. The big changes are in bold and I have described the difference with an example of the difference in calculation. A financed property has been redefined as a...
Jobs, Relief, and Good News for Rates
This week we got a little relief from the increasing rates of last week. We started the week with a scare, and then saw the balloon deflate. Why? On Monday, we got the April Institute of Supply Management’s index number falling to 50.8% from 51.8%, a 1% drop, and...
Refinance Means No PMI for this Client
Long time clients of mine (1998) bought a rental property in 2006. We finally think they have 20% equity and decide to refinance. Then a blow… we get a low appraisal … how is that a win? Well, their loan is from 2006 and they do finally have 10% equity not the 20% we...