SOME NEWS FROM MY FRIENDS!

Fannie & Freddie loans will now be available to refinance at 125% of value, which is up from the previous LTV of 105%. While this still will not help everyone in the Vegas market since we have been one of the hardest hit areas for depreciation, it will open up some doors for some people. http://www.housingwire.com/2009/07/01/hud-expands-home-affordable-refis-to-125-ltv/

HVCC –(Home valuation code of conduct) This is for all conventional loans and it takes us completely out of the appraisal process, which increases the costs to borrower, the quality of the appraisal goes down, and the turn times go up. There was a bill introduced this week that will put a 18 month moratorium on this silly law, keep your fingers crossed. http://www.housingwire.com/2009/06/29/bill-urges-hvcc-moratorium/

Fannie Mae Home Path – This allows first time homebuyers to put only 3% down on primary residences with NO mortgage insurance. It also allows investors to put down only 10% with NO mortgage insurance. We are one of the few lenders out there that offer this program. To see a list of eligible properties here is the website. http://reosearch.fanniemae.com/reosearch/


Have a happy 4th of July!

Jeff Kauffman
Branch Manager
Signature One Mortgage
P - 702-453-1111
F - 702-453-1107