Don’t apply for new credit before your mortgage closes

Don’t apply for new credit before your mortgage closes | Bankrate.com.

Fannie Mae will start to require lenders to pull an updated credit report befor ethe loan closes.  Thi swill show if you have any new debt since you applied for the loan.  Typically as long as your credit report was younger than 90 days lender would not pull a new report.  that changes next month for Fannie Mae loans.

Thank you,

Matt Steinmetz

NMLS# 221315

 Envoy Mortgage - Hiring experienced Loan Originators, Ask me more.  

2151-A2 Salvio St.

Concord, CA 94520

Phone 925-671-9501 x119

Fax 925-940-9639

Visit  my blog  for my most recent mortgage related update.

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 Envoy Expands Underwriting Dept. into CA 

Home Affordable Improvements and New FHA Refinance Program

Details of HAMP Improvements and New FHA Refinance Program.

the link above will give you a few details.  Here are some details:

• Temporary assistance for unemployed homeowners while they search for re-employment.  Payments reduced to affordable level for a minimum of three months, and up to 6 months for some borrowers, while eligible homeowner looks for new job.
• All servicers (who you make the check to)  are requirement to consider alternative principal write-down approach and increased principal write-down incentives.  This pertains to borrowers who owe more than 115% of the homes value
• Other implementations are to reach more consumers and help those going through foreclosures by making the process smoother.

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me for more info.
2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119

Follow me on Twitter
Apply for a loan online

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Owe more than your house is worth?

Fannie Mae had recently come out with their DU Refi Plus program which allows borrowers to refinance up to 105% of their homes value. This helps, but very little as most people who bought in the last few years are more under water than that. However it appears as of September 1, 2009 the new guidelines will allow refinances up to 125% of the homes value. This should encompass more homeowners, though still not a significant number for those of us in California, but even still kudos to Fannie Mae for trying. If you think this helps you, let me know and we’ll discuss further. Remember that your home loan must be owned by Fannie Mae to qualify and chances are you do not know who owns the loan. It is not necessarily the company you write your check to, as other companies retain servicing rights to loans even after the sell them off to Fannie Mae. Contact me and I’ll help you find out if Fannie Mae is the owner of your loan.

Feel free to comment below or share this with your social network.

Matt Steinmetz

Envoy Mortgage