Home sellers and buyers in Northern Virginia have felt the pain of the HVCC, the Home Valuation Code of Conduct. These new guidelines (May, 2009) dictate how real estate appraisals are conducted for all mortgage loans that will be sold to Fannie Mae and Freddie Mac. Government insured loans such as FHA or Veterans Administration (VA) have not Continue Reading
Upcoming Changes to Conforming Loan Limits
UPDATE: For 2011 Conforming Loan limits for Northern Virginia, click here. Original Post: This is a post of special interest to many of us in the Washington D.C. metropolitan area. I was in a NVAR Finance Forum meeting discussing the Economic Summit and Sweth started to talk about the upcoming expiration of the current $ 729,750 conforming Continue Reading
Fannie and Freddie loans are more expensive April 1
The L.A. Times recently published a piece discussing how Fannie Mae and Freddie Mac were raising fees, and toughening credit rules depending on FICO credit scores. So start watching for "delivery fees" if you are putting down less than 30%. That's not a typo! below 700, add 1.5% 700-720, add .75% 721-739, add .25% Meaning, if you Continue Reading
