When you’re financing over 80% of a purchase price or appraised value, you’re at the mercy of two things:

Lender Guidelines - Defined by GSE’s (like Fannie and Freddie) or banks/investors (such as Countrywide or Citi Mortgage)
Mortgage Insurance Guidelines - Companies that carry some of the risk on money loaned over the 80%.

Last week, I received […]

According to MarketWatch, this morning Fannie Mae (FNM) and Freddie Mac (FRE) have been downgraded from ‘neutral’ to ’sell’ by Merrill Lynch.  Apparently they are pretty bearish on the GSE’s.  Fannie and Freddie are supposed to be reporting numbers next week.
Here are a couple brief quotes from the Merrill Lynch report:
“Weakening macro-economic, financial market and […]

 Together we’re smarter.  Sometimes, instead of plagiarizing great posts… I’d rather just direct you to them.  Here is this week’s finds:

How Mortgage Rates Went From (Relative) Riches to Rags in 30 Days by Dan Green @ The Mortgage Reports  - This really offers a great explanation of the events that have taken place in the […]

Numbers are always extremely important to consider when buying, selling and financing a home.  Each week, I receive a weekly market watch update providing the breakdown of the activity from last week.  The report is provided by Heather Barglof at Peoples Company. As I continue to get them, I will continue to post them (with […]

I’m often asked about what makes Four Legacies Mortgage and myself any different from our countless competitors.  The truth of the matter is, I don’t like the answer ‘our advice is better or more timely or that we are more professional than the rest’.  These things should be required to even be in consideration (even […]

You may have already heard, but it’s done - Bush has signed the Economic Stimulus Bill.  The Bill will provide tax rebates between $300-$1,200.  The bill also included some changes for the lending industry.
As the bill has been passed, the loan limits for conventional loans and FHA loans will be increased once they are re-assessed.  […]

It’s NOT official, but today we’re expecting an announcement of ‘Project Lifeline’.  These titles really are timeless huh?  Back to the news, the new plan proposes to put a suspension on foreclosures (I refuse to use the word ‘freeze’ anymore).  Project Lifeline will have these banks participating: Bank of America, Citigroup, Countrywide, JPMorgan Chase, Washington […]

I’ve been saying it for years now.. Mortgage companies are in business to collect interest income on their money, not to be property managers.  The LAST thing they want to do is end up owning a bunch of property.  Thanks to Morgan over at Blown Mortgage, I’ve been enlightened with Countrywide’s most recent move to […]

It’s official. On Thursday, the Senate passed the proposed $150 billion stimulus package aimed to avoid a recession sparked by a mighty messy credit market.
 The stimulus package includes tax rebates up to $1,200 for households with an additional $300 per child.  To qualify, individuals must make less than $75,000 and families must have incomes less […]

Sorry about the last minute reminder about this event.. but I promise - it’s worth your time!
The Big Dream Gathering is an event that is for the dreamers out there.  We’ve all got big dreams.  Some of us act on them, some of us bottle them up and never let them happen.   The Big Dream […]