While most post-foreclosure properties (aka REOs) end up being owned by individual banks, many such properties actually end up being owned by FNMA (Fannie Mae); since Fannie is one of the major players in mortgage markets, preferred FannieMae lenders are allowed to offer a special HomePath mortgage product that makes the process of buying those Fannie-owned REOs. Read the rest of this entry »

There are many criteria that need to be looked at to determine if a homeowner is eligible for a HARP refinance; many of them will need to be reviewed with your mortgage consultant, but one of the first steps can be easily done by the homeowner for themself. Read the rest of this entry »

Are you worried about whether that basement apartment in your home (or the home you are thinking of buying) could be legally rented out? Even worse, are you already renting your basement out and are worried that DC inspectors might cite you for not doing it right? DC has unveiled a great new web page to help answer all of your questions. Read the rest of this entry »

Mortgage modifications are proceeding slowly, and while some homeowners have been able to benefit greatly from them, many others are being hurt just by trying to achieve them. Read the rest of this entry »

A very brief overview of credit reports and credit scores. Read the rest of this entry »

FHA just released mortgagee letter 09-52, which lays out the guidelines under which borrowers who have previously completed a short sale of a property can qualify for a new mortgage using FHA financing. Read the rest of this entry »

As we prepare in the DC area for what’s expected to be our first big snowfall of the season, many of the area’s homeless population will find themselves without adequate shelter; here are some phone numbers that every local resident should keep handy so that they can request assistance for anyone they see who might need it during the upcoming weeks. Read the rest of this entry »

Acquisition & Development loans of up to $500 million are available for commercial construction projects. Read the rest of this entry »

Real estate transactions sometimes don’t go as planned; when temporary setbacks occur, bridge loans can help borrowers with short-term loans that give them time to resolve any issues that may have cropped up. Read the rest of this entry »

Most lenders cannot get underwriting approval for mortgages on condos in developments with a high proportion of investors vs. owner-occupants; many options do exist for condos with investor ratios of up to 49%, however, and for borrowers who are putting at least 20% down, investor ratios can sometimes be even higher. Read the rest of this entry »