Mortgage Blog

I completed the continue education for the mortgage licensing over the weekend. There are some new info for the next year.

1)The loan application will collect more data. So it will have 9 pages, instead of the 4 pages we have now

2)Fannie Mae has Home possible, Freddie has Home Ready programs to hope low income people to qualify for the loan. One thing I can remember is that we can use the income from the live-in parents, and no documents needed. Hopefully more people can qualify for the loan.

3)We might see more ARM rate buyers. The main reason is that the current 30 year fixed already went up higher, but the percentage  of the home buyers who stay more than 7 years is only 10%. And the break even time for a 7/1 ARM program is actually 9 years. So 7/1 ARM might be better for the current market. Please let me know if you have any questions regarding this program.

4)Disputed items, judgment liens and medical bills will not be asked to be satisfied after July 28th of this year.