Tuesday, November 29, 2011

Fannie Mae Loan Limits for 2012

Fannie Mae and Freddie Mac have announced that the loan limits for Colorado will remain the same in 2012. Here are the limits for the Metro Denver counties:

• One unit = $417,000
• Two units = $533,850
• Three units = $645,300
• Four units = $801,950

If the loan amount is at or below the limits listed above, then the loan amount conforms to the Fannie Mae and Freddie Mac guidelines, and the interest rate will be cheaper than it would be for a jumbo loan (a loan amount greater than the limits listed above).

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com



By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Tuesday, November 15, 2011

Financing for 5-10 Properties

If someone is buying a second home or an investment property, Fannie Mae allows financing for up to 10 properties to the same borrower, and so do we!

Here are the restrictions:

  • Minimum credit score is 720
  • For second homes and 1-unit investment property purchase transactions, the down payment is 25%
  • For second home and 1-unit investment property refinance transactions, the maximum loan-to-value (LTV) ratio is 70%
  • For 2-4 unit investment property purchase transactions, the down payment is 30%
  • For 2-4 unit investment property refinance transactions, the maximum LTV is 70% with no cash-out, and 65% with cash-out
  • And remember, if the subject property is a primary residence, there is no limit to the number of financed properties you may have.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Friday, November 4, 2011

Waiting Periods after a Bankruptcy, Foreclosure, or Short Sale

Ever wondered how long you have to wait after a bankruptcy, foreclosure, or short sale before being able to qualify for a new mortgage? Check out the table below for all the answers.

Click on the table to enlarge it.
 NOTE: For all loans, the borrower must have “re-established credit” after the bankruptcy, foreclosure, or short sale. That means no late payments of any kind for 12 months.



Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.