Mortgage Information

Wells Fargo Pulling Out of Investment Property Loans (somewhat)

Wells Fargo announced last week that they decided to take the conservative approach with some of it correspondent channels and will no longer be purchasing some non-owner occupied loans in the secondary market.  All retail departments and some correspondent channels will remain unchanged.  Rob Bonahoom, with Cornerstone Mortgage, reports that this change may be a [...]

Wells Fargo announced last week that they decided to take the conservative approach with some of it correspondent channels and will no longer be purchasing some non-owner occupied loans in the secondary market.  All retail departments and some correspondent channels will remain unchanged.  Rob Bonahoom, with Cornerstone Mortgage, reports that this change may be a concern, by Wells Fargo, about mis-classifying some properties that could lead to RESPA violations.  Read his article here at the Investment Property Mortgage Guy.

This appears to be further tightening of standards that Wells Fargo announced on February 27, in which they were pulling some loan products out of some markets and increasing down payment requirements in others.  The February 27 report stated that underwriting standards are also being tightened in markets in Arizona, Colorado, Connecticut, Washington, D.C., Illinois, Louisiana, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Washington, Wisconsin and West Virginia, Reuters reported.

Why You Can’t Get Your Mortgage News From a Newspaper

OK.  I admit it.  I like to get a chuckle at the expense of others.  Usually it is out of the stupidity of others.  Just look at my list of Stupid Property Repairs!  I am sure there is someone out there making fun of me, so I guess I reap what I sow.
I was reading [...]

OK.  I admit it.  I like to get a chuckle at the expense of others.  Usually it is out of the stupidity of others.  Just look at my list of Stupid Property Repairs!  I am sure there is someone out there making fun of me, so I guess I reap what I sow.

I was reading this week’s Carnival of Real Estate and Dan Green’s post on The Mortgage Reports.  He has a short example of why you should only be getting advice from professionals in the discipline.  Dan found a news article in his local newspaper that had just glaring mistakes.  Unfortunately, the unknowing public that reads this mis-information doesn’t know any better.  Check out Dan’s post at The Mortgage Reports.

New Home Valuation Code of Conduct

Effective May 1, a new law was put into place nationwide in the mortgage industry called the Home Value Code of Conduct. (HVCC). Whether we like it or not, from this point forward, loan originators are not allowed to have any communication with appraisers regarding the value of a property. This includes “comp [...]

Effective May 1, a new law was put into place nationwide in the mortgage industry called the Home Value Code of Conduct. (HVCC). Whether we like it or not, from this point forward, loan originators are not allowed to have any communication with appraisers regarding the value of a property. This includes “comp checks”, purchase transactions and refinances.

All Banks, Mortgage Brokers and Mortgage Bankers are subject to this new law.  When looking at properties, it will become more important than ever to properly assess the value of a property before making an offer so you don’t run into an appraisal issues. To read more about these changes, check out the details at Investment Mortgage Guy.com

Fannie Mae Now Offers Refinancing on Investment Property to 105% LTV

Rob Bonahoom wrote a great article about how Fannie Mae continues to loosen up its regulations to allow investors to help fix this mortgage crisis.  They will now allow you to refinance your investment property out to 105% LTV.  Read all the details at:  Investment Mortgage Guy.com

Rob Bonahoom wrote a great article about how Fannie Mae continues to loosen up its regulations to allow investors to help fix this mortgage crisis.  They will now allow you to refinance your investment property out to 105% LTV.  Read all the details at:  Investment Mortgage Guy.com

Fannie Mae 10% Down For Investors!

I remember the good ole days when you could buy a 4 unit building for 5% down.  Ahh…that was the day.  Recently you need 25% down.  Now Fannie Mae has changed their regulations as a way to stimulate the economy.  They have set up a program called Fannie Mae Home Path to allow investors to [...]

I remember the good ole days when you could buy a 4 unit building for 5% down.  Ahh…that was the day.  Recently you need 25% down.  Now Fannie Mae has changed their regulations as a way to stimulate the economy.  They have set up a program called Fannie Mae Home Path to allow investors to buy Fannie Mae properties with only 10% down. Read about this the Fannie Mae Home Path on Rob Bonahooms blog.

How to Pull Cash Out of Your Investment Property

This is a very common question.  Sometimes the investor buys the property with cash, does the rehab, and then wants to pull their money out.  Alternatively, the investor may be trying to access the equity they have in the property.
Rob Bonahoom, the expert in Investment Property financing, gives us the answer at Investment Mortgage Guy.

This is a very common question.  Sometimes the investor buys the property with cash, does the rehab, and then wants to pull their money out.  Alternatively, the investor may be trying to access the equity they have in the property.

Rob Bonahoom, the expert in Investment Property financing, gives us the answer at Investment Mortgage Guy.