Things will be changing-the new high for the jumbo fixed product is going down to $625,500 from $729,750 by September if no government action is taken.
FHA loans are raising their charges for the third straight year in a row. And may raise the down-payment requirement up from 3.5%.
Fannie is requiring that all condominiums be inspected to check on the cash reserves held by the Board- and increasing that from 10-20%-that is why fewer are on the approved lending list.
It is getting harder to close loans due to title issues-Lenders from 20 years ago have not closed and given satisfactions of mortgages to their clients. Open mortgages are appearing on credit reports.
There is now a .25% add-on for a loan sold to Fannie Mae-no matter what your credit score is-if the down-payment is not 25% on a purchase.
First thing I do is check and fix the credit. Then put the loan in and get it approved through the Desk Top underwriter used by Fannie Mae. Then you still need experience and knowledge to get the loan through due to issues that crop up during the loan process. New rules and regulations are everywhere.
Make sure you use an experienced lender. I like having in -house processing so I can ask the underwriters questions as the loan progresses and so can overcome the problems to get the loan closed.