THURSDAY, APRIL 11, 2024
Fannie Mae clarifies ARM interest rate, ups cash-out refi term on manufactured homes & Option web site BELOW
The Fannie Mae February Selling Guide has a series of updates, including the expansion of value acceptance and property data appraisal waivers to condominiums, cash-out refinance allowances for manufactured homes, and updates to credit references and certain definitions.
Following up on a March 2023 update that first announced value acceptance and property data as a substitute for traditional appraisals on certain single-unit properties, the new Selling Guide expands this data to cover condos.
On Dec. 1, 2023, the jointly development Uniform Property Dataset (UPD) for the government-sponsored enterprises (GSEs) became active and included a data standard for condos, according to the Selling Guide. This new dataset will replace our proprietary data standard on April 1, 2024. Note that lenders are still required to confirm the condo project is not ineligible in Condo Project Manager (CPM)
The update also clarifies the qualifying interest rate for adjustable-rate mortgages (ARMs) with terms of 7 and 10 years, respectively.
With this update, we are further clarifying that borrowers must be qualified using no less than the note rate for 7- and 10-year ARMs that are not high-priced mortgage loans or higher-priced covered transactions, a change that goes into effect immediately.
The update allows cash-out refinance transactions for manufactured homes with terms of up to 30 years, adding 10 years to the allowable term under prior guidance. This rule is also effective immediately, although single-width manufactured homes remain ineligible for cash-out loans.
SOURCE: Chris Clow
FREE TIP, SERVICE OR PRODUCT: Option web site at https://www.reiclub.com/realestateblog/real-estate-option-contract-explained-for-investors
Motivational Quote of the Month
Good things come to people who wait, but better things come to those who go out and get them
Thank you for your time.
Mark Bordcosh
1281Solutions
http://1281homes.com/
http://1281solutions.com/
Toll Free Phone: 1-800-642-9949
Toll free Fax: 1-866-611-7634
E-mail: mark@1281solutions.com POSTED AT 7 AM UTC
The Fannie Mae February Selling Guide has a series of updates, including the expansion of value acceptance and property data appraisal waivers to condominiums, cash-out refinance allowances for manufactured homes, and updates to credit references and certain definitions.
Following up on a March 2023 update that first announced value acceptance and property data as a substitute for traditional appraisals on certain single-unit properties, the new Selling Guide expands this data to cover condos.
On Dec. 1, 2023, the jointly development Uniform Property Dataset (UPD) for the government-sponsored enterprises (GSEs) became active and included a data standard for condos, according to the Selling Guide. This new dataset will replace our proprietary data standard on April 1, 2024. Note that lenders are still required to confirm the condo project is not ineligible in Condo Project Manager (CPM)
The update also clarifies the qualifying interest rate for adjustable-rate mortgages (ARMs) with terms of 7 and 10 years, respectively.
With this update, we are further clarifying that borrowers must be qualified using no less than the note rate for 7- and 10-year ARMs that are not high-priced mortgage loans or higher-priced covered transactions, a change that goes into effect immediately.
The update allows cash-out refinance transactions for manufactured homes with terms of up to 30 years, adding 10 years to the allowable term under prior guidance. This rule is also effective immediately, although single-width manufactured homes remain ineligible for cash-out loans.
SOURCE: Chris Clow
FREE TIP, SERVICE OR PRODUCT: Option web site at https://www.reiclub.com/realestateblog/real-estate-option-contract-explained-for-investors
Motivational Quote of the Month
Good things come to people who wait, but better things come to those who go out and get them
Thank you for your time.
Mark Bordcosh
1281Solutions
http://1281homes.com/
http://1281solutions.com/
Toll Free Phone: 1-800-642-9949
Toll free Fax: 1-866-611-7634
E-mail: mark@1281solutions.com POSTED AT 7 AM UTC
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