Qualifying For A Loan | Access Real Estate Lending by Daniel C. Salas

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Update:

Temporary Loan Limits Return for all FHA Loans in High Cost Areas

Recently, the President signed into law a new bill H.R. 2112, called the Consolidated and Further Continuing Appropriations Act of 2012. In response to this new legislation, HUD has issued Mortgagee Letter 2011-39 detailing the acceptance and timing of the return to higher FHA loan limits.

Visit HUD's FHA Mortgage Limits webpage for a simple way to find out your loan limits

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Freddie Mac’s Automated Engine Gets A Facelift

May 5th, 2010 by Daniel C. Salas
Categories: Chico Home Loans, Home Buying, Mortgage Industry Updates
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Tags: Chico Real Estate, Freddie Mac, Qualifying For A Loan

LP Changes

Loan Prospector has updated it’s automated underwriting engine to accept only ratios to 50.33% of a client’s income, when qualifying for a loan. Previous to the current announcement, Freddie Mac would allow a 55% of a client’s income to pay monthly obligations. The announcement, from Freddie Mac, is another example of the changes in the lending industry, and the more stringent guideline requirement that the industry in going through.