Here’s a step in right direction in the mortgage market… Freddie Mac has begun to ease the burden on some of its borrowers by removing the minimum credit score in certain refinances. This is very important news folks as it is most likely the start of credit easing requirements in general. This just in from Housingwire…
“Freddie Mac eliminated the minimum credit score requirement for borrowers seeking a mortgage refinance from their existing servicer, as long as they have at least 20% equity in their home, according to guidance released Thursday.
The change goes into effect for any refinances with a settlement date on or after Jan. 5. Previously, Freddie required at least a 620 credit score before allowing such a high-equity refinance to take place.
In October, the Federal Housing Finance Agency instructed Fannie Mae and Freddie to remove barriers to allow more borrowers to take advantage of historically low interest rates through the Home Affordable Refinance Program.
Rates on most mortgage products began 2012 still below 4%. The government-sponsored enterprises removed upfront fees, limits on loan-to-value ratios and certain representation and warranty risk on the old loan file.”
This really is fantastic news, as just blogged yesterday, the housing market recovery is in slow gear because of overly tight credit markets. If we can loosen refinancing and purchase money guidelines, reasonably and without taking great risks, we would see a much stronger and healthier housing market, and overall economy as well. Keeping my eyes peeled for any other changes by Fannie or Freddie to help strength this process.
2012 is now upon us. Do you have your investing plan in place?
Most investors don’t officially plan their year’s goals, which is why they officially have nothing to show for it either.
Investors in your area are silently hoping that you either forget to plan your success or are too busy to take this important step. Planning your year in advance is one of the fastest and easiest ways to assure you achieve your goals and dreams.
“A wise man will make more opportunities than he will find.” ~Francis Bacon
Tonight, I will host this year’s first strategy session and focus on goal setting and how we are going to succeed in 2012. I want you to join me. Because you’re reading my blog, I’ve discounted the price for you to attend to just $19! Here’s the link to register. Or call 800-310-7730 x2 our Consultants are happy to set you up. Either way make sure you are there!
Talk to you tonight!
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