NLIC.org

Beatrice Said:

How is Florida real estate getting better?

We Answered:

Wow, you should be a writer!! lol The way you typed this; your wording, ect is great!

Yes I do agree that here in FL it is very hard to obtain a loan & have all other requirements met as well. But the truth is...if you search hard enough & have a great real estate agent you will be able to find a good home that will except FHA loan & meet all the requirements. (I am going through the same thing right now in FL as well.) What part of FL do you live in?

Eric Said:

Can my current mortgage provider refuse to renew my mortgage with them?

We Answered:

It depends on the actual terms of the mortgage. Usually, when the fixed rate period comes to an end you are automatically transferred to their standard variable rate. It's then up to you to try and negotiate a better deal either with the same lender or another. With the present squeeze and your damaged credit rating, you probably won't find one.

Kathryn Said:

What are some new requirements for home purchase or refinance?

We Answered:

Not sure if you're asking this from a consumer standpoint or a mortgage professional standpoint, but several of the criteria that you mentioned are not accurate.
FannieMae loans still do not require reserves, verification of rent, tradelines, payment of collections or a debt ratio less than 45%.
I recently got a loan closed where the borrower had no open tradelines, $24,000 in open collections, no rental history, and a debt ratio over 50% and the fixed 30 year rate was below 7%.
So, while I agree that most lenders are tightening their standards, I haven't seen it to that degree yet.
The criteria that mentioned for bank statements has been around for awhile.

While I appreciate the background information on FannieMae, I have been in the business for over 10 years and I'm familiar with who they are.
99% of all "conforming" (read: good credit) loans are underwritten to their standards/guidelines through their automated underwriting system (Desktop Underwriter) and this system decides what is approved and what is not. FannieMae is not a lender - they're a GSE (Government Sponsored Enterprise) and they purchase loans.

Tara Said:

Why did McCain lie about his campaign manager being paid by Freddie Mac?

We Answered:

He's hoping Americans don't realize these little tidbits of fact

26 MCCAIN ADVISORS & FUNDRAISERS LOBBIED FOR Fannie Mae Or Freddie Mac
11 OF THEM LOBBY RIGHT NOW
SIXTEEN FANNIE MAE LOBBYISTS (SIX CURRENTLY LOBBYING)
1. Wayne L Berman, National Finance Co-Chair*
2. Aquiles Suarez, Economic Advisor
3. John Green, Capitol Hill Liaison
4. Dan Crippen, Health Care Policy Adviser
5. AB Culvahouse, VP Selection
6. Kirk Blalock, Young Professionals for McCain National Chair*
7. Kate Hull, Young Professionals for McCain Fundraiser *
8. Aleix Jarvis, Bundler*
9. Kirsten Chadwick, Bundler*
10. Richard Hohlt, Bundler*
11. Tom Loeffler, Bundler, Former General Chairman, National Finance Chair
12. Nicholas Calio, Bundler
13. Alberto Cardenes, Bundler
14. Michael Kennedy, Bundler
15. Peter Madigan, Bundler
16. Alison McSlarrow, Bundler
*currently lobbying (as of 7/31/08, no termination filed)
10 FREDDIE MAC LOBBYISTS (FIVE CURRENTLY LOBBYING)
1. Charlie Black, Senior advisor, Bundler
2. Bill Timmons Sr., Senior advisor for transition*
3. Carlos Bonilla, Former Economic Advisor*
4. Mark Buse, Senate Chief of Staff
5. David Crane, Senior Policy Adviser
6. Al D'Amato, Bundler*
7. Melissa Edwards, Young Professionals for McCain Fundraiser*
8. Susan Molinari, Women for McCain Steering Committee*
9. Juleanna Glover Weiss, Bundler
10. Don Sundquist, Tennessee Co-Chair
*currently lobbying (as of 7/31/08, no termination filed)

Howard Said:

Who decides where buyers incentive money goes and when?

We Answered:

What does your contract say? Because developers are sued often they have very thorough contracts covering every aspect. There must be a clause stipulating the distribution of funds.

How has your attorney interpreted this part of the contract?