Fannie Mae Rescinds 4-Property Maximum : Up To 10 Properties Allowed For "Bona Fide" Real Estate Investors

Most people agree -- purging home inventory is paramount to the housing recovery, Fannie Mae just made that recovery a lot more likely. Effective immediately, Fannie Mae is rescinding its 4-financed-property per person restriction. If you turn down Pandora and listen closely, you can hear real...



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[Source: The Mortgage Reports Blog]

What Mortgage Rates Will Do Over The Next 30 Days (February 19, 2009 Edition)

I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available. The Bankrate.com survey is for conforming mortgages. It does not apply to FHA mortgages, VA mortgages, jumbo mortgages, or foreign national mortgages. For rate quotes, email me...



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[Source: The Mortgage Reports Blog]

Minimum Credit Score For Getting a Home Mortgage?

Not too long ago, getting a mortgage for a home was easy. Bad credit, good credit, all it seemed like you needed to do was sign away and show a little income and you could be a homeowner. This is exactly the reason we are having a housing market meltdown in the USA right now. The willingness of the lenders to give a loan to people who would not be able to pay has opened up a flood gate of problems just a few years later. So a common question people have these days is what is the minimum credit score or requirement to get a home mortgage today?

Generally, if your credit score is below 650 you will have a harder time getting approved for a mortgage with decent terms or conditions. That does not mean that if you try to improve your credit score, which I recommend, before applying for a mortgage it will not help. Improve your score and your rates go down and approval rating goes up. Even a little bit of saving in terms of percentage means a lot of savings in the long run. Pay off any debts in full that you can afford to entirely pay off. A lot of people actually can pay off an entire debt on a credit card but choose not to. They choose to keep cash in their pocket and pay minimum payments.

This is not a smart financial decision to make and bad for your credit. Making minimum payments is OK but shows no effort to pay more. If you can not pay off an entire credit card, at least make sure you are not maxed out on any. Pay down credit cards to within at least 25% of their maximum limit. This shows you will not over extend your credit and can be responsible as a borrower. The bottom line of it all is the exact credit number and mortgage approval can vary but generally a credit score of 650 or higher will make things a lot easier for you. Although it is not impossible to get a mortgage with a credit score lower than 650, it will just take a little more patience and research.

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[Source: Loan Mortgages]

For Housing Markets, The End Is In Sight. The End Of The BOTTOM, That Is.

Sometimes, it pays to look at the bigger picture. With respect to the health of the housing market, now is one of those times. Despite what you're reading, the industry-wide housing recovery is well underway and it's based on basic economic principals that have held for hundreds of years. Because...



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[Source: The Mortgage Reports Blog]

Back To $729,750: Conforming Loan Limits In High-Cost Areas Get Stimulus Package Boost

Another day, another demand-side stimulus for the housing market. Huzzah. In the sprawling 407-page stimulus bill, nestled in on page 111, Congress authorized a reinstatement of 2008's temporary conforming loan limits. Effective immediately, home loans in high-cost areas can be insured by Fannie...



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[Source: The Mortgage Reports Blog]

What Mortgage Rates Will Do Over The Next 30 Days (February 5, 2009 Edition)

I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available. The Bankrate.com survey is for conforming mortgages. It does not apply to FHA mortgages, VA mortgages, jumbo mortgages, or foreign national mortgages. For rate quotes, email me...



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[Source: The Mortgage Reports Blog]

Selling Your Home In 2009? Root For The Steelers To Lose Super Bowl 43.

The Pittsburgh Steelers have won 5 Super Bowls in the history of its franchise and -- for the sake of the housing markets -- let's hope this year doesn't make Number 6. In 4 of the 5 years the Stillers won it all, the national real estate market floundered over...



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[Source: The Mortgage Reports Blog]

How Long Until Your Mortgage Rate Quote Expires? 3 Hours, 28 Minutes.

Mortgage rate volatility returned last month after a relatively slow December. Multiple-rate-sheet days outnumbered single-rate-sheet days nearly 4-to-1. For home buyers in Cincinnati and parts elsewhere, rapidly changing mortgage rates like this complicates the mortgage shopping process. What is a...



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[Source: The Mortgage Reports Blog]

The Relationship Between Deflation And Mortgage Rates

With both consumption and household income down last month, it's as good a time as any to rerun this graphic from November. That Great American Penny-Pinch is making deflation as real a threat to the economy as inflation is. The difference, though, is that deflation can be good for mortgage...



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[Source: The Mortgage Reports Blog]