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New Fannie condo rules - Fico fixes - Rates down

There are new Fannie condo rules. If you think it will make things easier you will be disappointed. Details. FHA is also introducing new rules. More on those next week. /// Rates are still edging downwards. /// Time will soon be running out for November closes (tax credit)!! /// Make it good week folks! - Paul

Credit score fixes - the basics
1. Credit repair - a long-term fix to permanently increase scores (75 days)
2. Rescoring - a quick fix to qualify for a loan or better rate (5 days)
Either fix (or a combination) can deliver increases over 100 points. For further information, please contact me.
Avoid stipulating mortgage and closing dates
I recommend not defining mortgage and closing dates upfront to avoid a self-created time crunch. You could define the time frame as "x days following receipt of the signed, accepted purchase contract" or something like that.

Long-term rates remain low, increasing affordability
"The 30-yr fixed is down from 5.04% to 4.94% with 0.7% fees and points this week. Freddie Mac rate surveys
Manhatten market stabilizing
Though Manhattan home prices continued to fall this past summer, a surge in sales activity coupled with a decline in the number of properties on the block show the market could be turning a corner. Read more.
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
Contact me for excellent service.
____________________________________
"A billion here, a billion there,
and pretty soon you're talking about real money."
Everett Dirksen (1896-1969)
Posted Friday Oct 09