In May Fannie Mae, the largest purchaser of home loans, announced a new requirement prior to the funding of a Mortgage. This was published on Mortgage News Daily on May 10th. The new quality control measure was set in place for the safekeeping of the investors against the prospective buyer assuming more debt that they can manage  and as a preventative measure to prevent future mortgage defaults.

Now more than ever it is extremely important for all that apply for a home loan not to apply for additional consumer credit without consulting with you mortgage professional first.

On another completely separate report, and I believe this more speculative but who really knows these day, on a news report from ABC news on Tuesday June 1st , it was reported that now lenders are even researching the character of the applicants on Facebook, the  social media giant, to asses the traits and details of the character of individuals. If you have not seen the Youtube clip “what happens in Las Vegas stays in Facebook” I strongly recommend you follow the link.

One can’t stop to wonder what is next? Perhaps a DNA samples to asses the health and to project the life left of the borrowers…..

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In the last few months San Diego foreclosures have shown a drop in their numbers. After almost two arduous years of foreclosures, finally there is a sigh of

via San Diego foreclosures are plummeting, showing a positive sign..

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The Latest FHA Changes and the Benefits to The First Time Home Buyers

January 22, 2010

Yesterday, Thursday, January 21st, the much anticipated Mortgagee newsletter about risk-based pricing was released by HUD.  This represents the first of two landmark changes in the agency’s guidelines for this year. In December HUD (Housing and Urban Development), the agency that oversees the underwriting of FHA loans, had warned that these changes were on the [...]

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FHA Increases Mortgage Insurance Premiums

January 22, 2010

Here are the 5 things you need to know about these changes: Changes are effective for case numbers assigned on or after April 15th, 2010. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%. This change applies to all standard FHA Single Family Programs [...]

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FHA Announces Policy Changes to Address Risk and Strengthen Finances

January 20, 2010

This just announced from Washington regarding the tightening of the FHA lending guidelines: New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, [...]

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Michael Jordan, “Maybe it is my fault………”

January 17, 2010

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IF You Have Never Failed, You Have Never Lived

January 17, 2010

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San Diego Real Estate Outlook 2010

January 11, 2010

By now we’ve all had a chance to read, listen and watch the economists, gurus, and professors for some of the most prestigious academic institutions in the world analyze the economy.   I know I have grown tired of listening to speculative predictions that swing from utopia to apocalypse.  In this post, I will do [...]

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Will You Be Able To Explain The New Good Faith Estimate To Your First Time Home Buyers

December 24, 2009

For the last 6 weeks I have attended several webinars, live classes and spent countless hours reading the changes coming on 1/1/2010 with regards to the new lending disclosures. I did it because I had to. I know that once my first set of disclosures go out EVERYBODY related to the transaction will get a [...]

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If Borrowers Snooze, They May Lose…Help Them Avoid This Costly Mistake

December 18, 2009

By Barry Habib and Sue Woodard Updated: Friday, December 18, 2009 False Illusions and What You Need to Know Homebuyer Alert… For prospective homebuyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts for two reasons. The first of these, the coming expiration of huge [...]

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