Fannie Mae Survey Reveals Consumers Unaware of Requirements to Qualify for Mortgage

by | Dec 14, 2015 | FHA Mortgage, Mortgage Information, Other Information, Real Estate, VA Mortgage

A recent survey performed by Fannie Mae on a significant number of consumers revealed there is large gap in consumer knowledge when it comes to qualifying for a mortgage loan. Of the consumers interviewed, 40% did not know the minimum down payment required to qualify for a loan, 54% did not know the minimum credit score required and 59% didn’t know the maximum back-end debt to income ratio. “There is a significant lack of understanding about minimum mortgage qualification criteria not only among consumers in general but, more importantly, among renters who plan to purchase a home within the next five years” according to Fannie Mae. It is extremely important to know the guidelines and requirements when looking to get financing, or are working towards improving your situation for financing in the future. If you don’t know the correct guidelines today, how can you know how to prepare for the future? Call us today so we can answer any questions you may have about the mortgage loan process and help you get on the right...

Market Recovery Double-Edged Sword

by | Dec 8, 2015 | FHA Mortgage, Mortgage Information, Other Information, Real Estate, VA Mortgage

Most real estate and mortgage professionals realize that the housing recovery has been extremely good since the low in 2012. In November the Fannie Mae Home Purchase Sentiment Index indicated that consumers aren’t as optimistic about housing prospects for the future. Fannie Mae concludes that the decrease in the sentiment index was mainly due to two things; Expected decrease in supply and  affordability. With current interest rates near an all-time low affordability is still high, but higher interest rates could derail consumer...

Foreclosure and Short Sale Information

by | Feb 14, 2014 | FHA Mortgage, Mortgage Information, VA Mortgage

The recent prolonged recession had a negative effect on the majority of Americans. Many lost their jobs and were no longer able to make mortgage payments so they either worked out a short sale with the company holding their mortgage or were forced into foreclosure. Many of these same people have been able to get back on their feet and are now interested in purchasing a home again. If you are one of those people you need to know when you will be eligible to qualify for a mortgage. The most important date to know is the date the title transferred out of your name and into someone else’s. The foreclosure proceedings could have started in 2008, but if the property wasn’t transferred until 2013 that is the time the clock starts ticking for mortgage qualification. Please feel free to contact me to help find out if you are eligible for a mortgage or when you may become...

VA Approved Condos in Lee County

by | Feb 4, 2014 | VA Mortgage

    Below is a list of condo complexes that are currently approved for VA loans. Coconut Shores VI East Palms Galstonbury at the Plantation Musa at Daniels Mystic Gardens Pinewood Principia Gardens Villas Renaissance Santa Luz Seven Lakes Association Summerlin Trace Summerlin Woods Sunset Pointe of Fort Myers The Villaga Timberwood Village Townhomes at Stoneybrook Villas at...