Team Thayer Property Servicing

Fannie Mae has introduced HomeReady™ mortgage, our enhanced affordable lending product. HomeReady is designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. HomeReady will be available later this year, with details to be released in late September. Key HomeReady features include: Accessible and sustainable financing  up to 97% LTV for a home purchase with no first-time buyer requirement. Flexible sources of funds can be used  for the down payment and closing costs with no minimum contribution required from the borrower's own funds for 1-unit properties. Underwriting flexibilities  include an  innovative new feature that supports extended family households  by considering income from a non-borrower household member as a compensating factor in Desktop Underwriter® to allow for a debt-to-income ratio above 45% up to 50%. Required homeo...

  Good credit is well worth the effort it takes to both achieve and preserve it. If you have good credit, the following tips will help you keep it that way. If you want to improve your credit, however, now is the time to get started. Give us a call. We'll review your credit and find out exactly where you stand. In the meantime, if you plan on entering into a loan transaction in the next 6 to 12 months, you simply cannot afford to make the following credit mistakes: Don't fall behind on existing accounts.  This includes your mortgage and car payments. One 30-day late can cost you anywhere from 30-80 points or more depending on the other factors being reported on your credit reports. Don't pay off old collections or charge-offs during the loan process.  Paying collections will decrease your credit score immediately due to the "date of last activity" becoming recent. If you want to pay off old accounts, do it through closing, and make sure that 1) you validate...

Foreclosure metrics were way down across the board again in July 2015, as pre-sale foreclosure inventory dropped to its lowest level since December 2007 and completed foreclosures were down by nearly 25 percent year-over-year, according to  CoreLogic 's  July 2015 National Foreclosure Report  released Tuesday. Completed foreclosures for July 2015 totaled approximately 38,000, which was a 24.4 percent declined from the previous July's total of 50,000. July 2015's total represented a 68 percent decline from the peak number of completed foreclosures (117,225) reached in September 2010. Completed foreclosures, which are a true measure of homes lost to foreclosure, have totaled 5.8 million nationwide since the financial crisis began in September 2008 and 7.8 million since homeownership rates peaked in Q2 2004, according to CoreLogic. While monthly completed foreclosure totals have been on the steady decline, July's total of 38,000 is still about 80 percent higher than t...

Since a borrower's credit score influences a lender's decision on whether or not to give that borrower a single family mortgage loan, the importance of having a good credit score when buying a home cannot be underestimated,  according to Freddie Mac's  blog on Monday. According to  Freddie Mac , the best way to earn a high credit score is to pay debts on time that include credit cards, car payments, or student loan payments. Since a  recent survey by TransUnion found that three out four consumers know their credit score is important but are unaware of the critical role the score plays when they are seeking a mortgage loan, on Monday Freddie Mac published a list of helpful hints (as reported by financial-education company Financial Finesse) to consider for consumers who are trying to build a solid credit score or consumers who may not know of its importance. A credit score between 661 and 780 is generally considered good, with 700 being the "sweet spo...

Flipping and refurbishing houses has become all the rage over the past decade. Almost everyone has become an expert on mortgages, refinancing, and remodelling.Introducing the  203K loan . It’s officially known as Rehab Mortgage Insurance; but that’s putting the cart before the horse. Simply, it’s an insured home loan. With the 203k FHA loan y ou have the ability to buy that spec house knowing that your pre-approved loan is going to come with some extra money for repairs. The restoration costs are at least $5,000. Spending that is not a problem these days, It’s an  FHA backed loan  that is insured, so the lender is more inclined to approve it; especially if you have done your homework and have all the paperwork showing the remodeling estimates. Remember, the 203K loan is designed to cover the present value of the house plus the cost of the rehabilitation, or 110% of the appraised value of the property after rehabilitation; whichever is less. ...

A new study from the  Consumer Financial Protection Bureau  found that reverse mortgage advertising can be confusing and misleading, and issued a warning to older Americans to be on the lookout for potentially deceptive reverse mortgage advertisements. In the new study released Thursday, CFPB said that consumers were confused about reverse mortgages being loans, and they were left with “false impressions” that reverse mortgages are a government benefit or that getting a reverse mortgage would ensure consumers could stay in their homes for the rest of their lives. “As older consumers consider reverse mortgage loans to tap into their home equity, they need to be careful of those late night TV ads that seem too good to be true,” said CFPB Director Richard Cordray. “It is important that advertisements do not downplay the terms and risks of reverse mortgages or confuse prospective borrowers. According to the CFPB, the number of reverse mortgage originations is likely to i...