What about Freddie and Fannie?

Great question. I can tell you that they are now lending at a 97% Loan to Value on all home loan purchases. They do not currently compete with the FHA on rates but they do compete and dominate the market when it comes to debt ratio and Jumbo Loans.The following exists as basic criteria with Freddie Mac and Fannie Mae. They will allow debt ratios of up to 60% with the appropriate amount of reserves. They will forgive most collections as long as they are not within the past year.The FICO Scores for financing at 95.1% or higher and they will go to 97% is 680. They will allow financing at 95% if your FICO Score is between 620 and 679. If you are selling your home it is easier to deal with Freddie and Fannie because the seller concession demands are less. If you are buying a home I would talk to a qualified Real Estate Agent and Mortgage Broker to find out what option best suits your situation.For more information please do not hesitate to log into my website at www.tombrewerjr.com.

The Truth, The Whole Truth and Nothin but the Truth

I have been fielding numerous questions this week from potential clients and other Real Estate Agents and believe it or not other Mortgage Brokers on what loans can be originated and under what terms. The first thing I tell everyone is that for the time being it is going to be An FHA and VA world. This means the following. If you are looking for true 100% financing with no gift fund contributions then the VA is it. If you can obtain FHA financing then with the AmeriDream 3% seller contribution program you can also obtain 100% financing. FHA loan limits have been raised for Arlington, Mansfield and Fort Worth Real Estate to 275,000.00 until the end of the year. The VA Loan limit for our Area is currently 419,000.00 dollars. These programs are restrictive in their ratios and the two programs currently have differing FICO score requirements. The FHA is still accepting FICO scores at 540 although rumor has it that they will raise ths to 580 soon. In order to go to a VA loan at 100% then you will need relatively clean credit and a 680 FICO score. Do not believe anything a Real Estate agent tells you about mortgages. They are not up to date on any of this. I have been a real estate agent snd mortgage broker for over 12 years and I can tell you the industry changes daily. Please log into my website at www.tombrewerjr.com for more information on these programs.