Fannie Mae announced that they will no longer require an extra 5% down payment for purchases in "Declining Markets" beginning June 1.
The real question is will this change help. The answer is Yes for some borrowers, and not at all for others. There are 2 factors above and beyond Fannie Mae's basic guidance that will continue to hinder homebuyers looking to put less money down. Mortgage Insurers have increased minimum Fico requirements for all loans, especially those over 90% loan to value. Please note that FHA loans do not have Fico minimums at this point. The other factor effecting the quality of the Fannie Mae loan is the "risk premiums" associated with loans over 90% Loan to value. Fannie Mae loans have higher risk premiums (IE higher rates) for these loans. Once again, FHA does not penalize borrowers for opting to put the standard 3% down payment. The rate is the same for 90%, 95% or 97% FHA loans. Fannie Mae rates may vary as much as 1% on these amounts. Now that's alot of money. You can see why FHA loans are quickly becoming the most popular loans in the USA again.
Give us a call to see if our FHA Direct Loans are right for you. Call Brian Skaar at 760-752-4480. Or visit us online at www.vandykfunding.com.
Showing posts with label Full Eagle. Show all posts
Showing posts with label Full Eagle. Show all posts
Sunday, May 18, 2008
Sunday, September 9, 2007
FHA Loans
We offer FHA & VA loans Direct to consumers. No middlemen necessary.
We proudly hold the title of "Full Eagle Direct Endorsement" lender with HUD for FHA origination. What does this mean? It means that we have developed & maintained a great record with HUD for quality FHA Lending, and FHA has entrusted us with the highest status of HUD approval, Full Eagle.
This designation allows us to underwrite and fund your FHA loan ourselves. No brokering necessary. Direct Rates with Personal service. Why would you trust your loan to a "Johnny Come Lately" company or Loan broker who is just entering the FHA field when you can go to a team of trusted FHA professionals.
Contact Brian Skaar, Loan Officer, today at 866-900-2342 x106 or apply online at Apply online to get your FHA loan started.
We proudly hold the title of "Full Eagle Direct Endorsement" lender with HUD for FHA origination. What does this mean? It means that we have developed & maintained a great record with HUD for quality FHA Lending, and FHA has entrusted us with the highest status of HUD approval, Full Eagle.
This designation allows us to underwrite and fund your FHA loan ourselves. No brokering necessary. Direct Rates with Personal service. Why would you trust your loan to a "Johnny Come Lately" company or Loan broker who is just entering the FHA field when you can go to a team of trusted FHA professionals.
Contact Brian Skaar, Loan Officer, today at 866-900-2342 x106 or apply online at Apply online to get your FHA loan started.
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