If you are considering refinancing your primary or secondary home and turning some of your equity into cash, you want to seriously consider acting before December 13th of this year. Why? Because Fannie Mae has released some upcoming changes to it's automated underwriting engine and the changes that are coming mean less cash in your pocket. For primary residences, the new maximum … [Read more...]

Freddie Mac has announced a few changes in their underwriting standards and effective February 2, 2009 they will no longer be buying "Stated Income" mortgages at all.  In addition to outlawing stated income loans, the new maximum debt-to-income ratio will be 45% and new minimum credit scores will be increased. The bottom line of these recent changes? Be able to document your income. Plan … [Read more...]