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.
Tuesday, March 15, 2011
Monday, March 07, 2011
Full Class Tomorrow - Commercial Real Estate
Tomorrow's Commercial Real Estate Class at Briarcliffe College is at full capacity with a waiting list. We're looking forward to the course!
Wednesday, March 02, 2011
Tax Grievance Deadline in Nassau Extended
You now have until April 23, 2011, instead of until yesterday. To learn more, read the County Executives Press Release. To file a grievance, your first stop should be here or hire a professional. Good luck and go reduce your taxes.
Monday, February 28, 2011
Employment Opportunity: Attorney for Lieb at Law
Lieb at Law is Hiring!
We are seeking an innovative and career-oriented Attorney with transactional and litigation experience for a management position within our production department. The firm's legal concentrations are plaintiff’s personal injury and real estate litigation / transactions inclusive of bank representation. Our new hire's responsibilities will include overseeing the firm's processing team in court applications, contract preparation, legal research and strategy.
Requisite qualifications: Legal research skills with Westlaw and Lexis, excellent legal writing experience and a high degree of computer literacy. Must want to be the best, Must have swagger.
Email resume and writing sample to careers@liebatlaw.com.
* Must be willing to work out of Center Moriches office location
We are seeking an innovative and career-oriented Attorney with transactional and litigation experience for a management position within our production department. The firm's legal concentrations are plaintiff’s personal injury and real estate litigation / transactions inclusive of bank representation. Our new hire's responsibilities will include overseeing the firm's processing team in court applications, contract preparation, legal research and strategy.
Requisite qualifications: Legal research skills with Westlaw and Lexis, excellent legal writing experience and a high degree of computer literacy. Must want to be the best, Must have swagger.
Email resume and writing sample to careers@liebatlaw.com.
* Must be willing to work out of Center Moriches office location
Friday, February 25, 2011
SCHOOL UPDATES
Continuing Education Registration Updates:
***Lieb at Law will be launching a brand new website. Stay tuned for more updates!
- The Commercial Real Estate Course - Scheduled on March 8th in Patchogue is now full. If you would like to be put on the waiting list email realestateschool@liebatlaw.com
- Mortgage Mania - Scheduled on March 24th in Bethpage has seats available. REGISTER HERE.
- April Course Calendar will be posted soon!
- The Real Estate School will be announcing a new and exciting School Sponsor.
- Brand NEW 3 Credit Continuing Education Course awaiting DOS Approval. We anticipate offering this course in April & May in Nassau County and the Twin Forks. Course entitled -Conflicts of Interest: A Course on Real Estate Ethics
***Lieb at Law will be launching a brand new website. Stay tuned for more updates!
Monday, February 21, 2011
Wells lowers credit score requirement
The bank is now shifting focus from a high scredit score to a larger down payment requirement & a lower debt-to-income ratio. Now, an FHA borrower who comes up with a minimum 10% down payment & has a maximum debt-to-income ratio of 31% can qualify for a loan if their credit score is over 500.
It seems that this may be related to the administration's housing report, which discussed a need for higher down payments & discussed establishing more federal oversight of credit scores. Regardless, the key takeway is that the bank cares more about how much the borrower has to lose if they do not pay their mortgage and how much money they have available to pay their mortgage, rather than what the borrower's previous borrowing habits indicate.
To learn more about Wells' new move, click here.
It seems that this may be related to the administration's housing report, which discussed a need for higher down payments & discussed establishing more federal oversight of credit scores. Regardless, the key takeway is that the bank cares more about how much the borrower has to lose if they do not pay their mortgage and how much money they have available to pay their mortgage, rather than what the borrower's previous borrowing habits indicate.
To learn more about Wells' new move, click here.
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