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Fannie Mae announces 97% LTV Options!

Fannie Mae announces 97% LTV Options

For First-Time Home Buyers and Limited Cash-Out Refinance of Fannie Mae Loans

 

Only 1 buyer needs to be a first time homebuyer. Release of the program is December 13, 2014.

 

According to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs. In support of ongoing efforts to expand access to credit and support sustainable homeownership, Fannie Mae is offering 97% LTV /CLTV/HCLTV financing to help home buyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment, and a refinance option for Fannie Mae loans. These options are designed to help lenders serve creditworthy borrowers and expand business opportunities. Refer to Selling Guide Announcement SEL-2014-15 for details. 

Key Features (apply to all options)

  • Desktop Underwriter® (DU®) underwriting required
  • 1-unit principal residence (including condos and PUDs; manufactured housing is not eligible)
  • Fixed-rate mortgage with maximum term of 30 years
  • Reserves (if required per DU) may be gifted

fannie mae

 

Definitions

First-time home buyer (FTHB): At least one buyer must not have owned any residential property in the past three years
(full definition).
Home-buyer education and counseling: As defined in the Selling Guide, Subpart B2-2-06: Home-buyer Education and Counseling

Selling Guide Announcement SEL-2014-15 | DU Version 9.2 Release Notes (updated December 8, 2014) |

3% Down Mortgages

3% Down Mortgages

Fannie Mae announced in Selling Guide Announcement SEL-2014-15 an increase in the maximum LTV, CLTV, and HCLTV ratios for certain principal residence transactions. Fannie Mae will allow LTV ratios greater than 95% up to a maximum of 97% for:

  • MyCommunityMortgage® (MCM®) purchase transactions if at least one borrower is a first-time home buyer and pre-purchase home-buyer education and counseling is completed,
  • standard purchase transactions (non-MCM) if at least one borrower is a first-time home buyer, or
  • standard limited cash-out refinances (non-MCM) of existing Fannie Mae loans.

All loans must be fixed-rate and secured by a one-unit principal residence. Manufactured housing is not

permitted. All loans must be underwritten with Desktop Underwriter® (DU®).

 

For more info please click here: FAQs

 

 

3% Down Mortgages from Freddie Mac Announced!

3% Down Mortgages from Freddie Mac have been announced!

From Freddie Mac Blog

December 8, 2014

3% Down Mortgages

3% Down Mortgages

Today Freddie Mac launched Home Possible AdvantageSM, a new affordable mortgage with a down payment option as low as 3%. Here are the answers to your top questions:

Who is this mortgage for?
The Home Possible Advantage mortgage is for low and moderate-income borrowers with limited savings, including first-time homebuyers.

What do I need to qualify for it?
Generally, you need to meet minimum credit requirements, earn no more than 100% of your area median income and have the funds to meet the down payment requirements and closing costs. First-time homebuyers must participate in an acceptable borrower education program, like Freddie Mac’s CreditSmart.

Can I use gift funds as my down payment?
Yes, the 3% down payment can come from a number of sources, including personal funds, gift funds, grantsand affordable second mortgages.

Will I have to pay private mortgage insurance (PMI) on Home Possible Advantage mortgage? How much will this add to my payment? 
Yes, like all conventional, conforming mortgages backed by Freddie Mac, loans without at least a 20% down payment require some form of credit enhancement or insurance, usually in the form of PMI. This serves as an added insurance policy that protects the lender/investor if you are unable to pay your mortgage.

The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $40 and $80 per month for every $100,000 borrowed.  And, once you’ve built equity of at least 20% in your home, making the amount you owe on your mortgage 80% or less of its value, you can cancel your PMI and remove that added expense from your monthly payment.

Can I use it to refinance my current mortgage?
Yes, Home Possible Advantage mortgages can be used for a “no cash out” refinance of an existing mortgage. It’s available in 15-, 20-, and 30-year fixed-rate terms.

Why is Home Possible Advantage different than the low down payment mortgages of the past?
The keys to responsible lending are responsible underwriting and product design, and we designed Home Possible Advantage with the appropriate credit underwriting requirements for today’s market. Home Possible Advantage has tougher credit standards than low down payment mortgages of the past, including lower DTI ratios, fixed-rate terms and requires full documentation, owner-occupation and housing counseling.

Where can I get more information on Home Possible Advantage?
Visit freddiemac.com or talk to a lender or a housing counselor about your options.

What other options are available to me if I don’t qualify for a Home Possible Advantage mortgage?
You have a number of choices even if you don’t have a 20% down payment – a growing number of today’s buyers are putting down between 5 and 10%. Sure, you’ll have to pay PMI, but it means you’ll be able to take advantage of today’s historically low mortgage rates and affordable home prices in many parts of the country. Talk to a lender today.

What advice do you have for homebuyers in today’s market?
Do your homework. Understand how much you can afford and what to expect during the mortgage process.

See the Original blog link for 3% Mortgages from Freddie Mac here.

Ladera Ranch SFR 4 bedroom Reduced! $729,900

Ladera Ranch SFR 4 Bedroom

Ladera Ranch SFR 4 bedroom Reduced! $729,900

Ladera Ranch SFR 4 Bedroom reduced to $729,900. Must see this terrific home at the end of a quiet cup-de-sac. Perfect Family home in Ladera Ranch.

Amazing Ladera Ranch home located in a high desirable cul-de-sac location. Over sized driveway offers lots of parking for guests and entertaining. Interior features include granite counters in kitchen with large center island with breakfast bar. Ceiling fans, Cozy fireplace in family room, window blinds throughout, Ceramic tile flooring downstairs and carpet upstairs, upstairs laundry, Spacious bedrooms with large master suite complete with walk in closet and separate shower and oval tub in master bathroom. Pleasant tree views in backyard with custom hardscape. Walk to parks and all that Ladera Ranch SFR Detached home has to offer!

9 Cerner Ct, Ladera Ranch, CA

KEY FEATURES Year Built: 2003 Sq Footage: 2071 sqft. Bedrooms: 4 Beds Bathrooms: 2.5 Baths Floors: 2 Parking: 2 Garage Laundry: In Unit Lot Size: 3397 Square Feet HOA/Maint: $163 Property Type: Single Family House




PROPERTY FEATURES


  • Living room
  • Dining room
  • Walk-in closet
  • Master bath
  • Range / Oven
  • Dishwasher
  • Microwave
  • Garbage disposal
  • Yard
  • Fenced yard
  • Heat: forced air
  • Central A/C
  • Air conditioning
  • High-speed internet
  • Granite countertop
  • Fireplace

COMMUNITY FEATURES


  • Shared pool
  • Clubhouse
  • Playground
  • On-street parking


ADDITIONAL LINKS


  • Website: http://www.JesseMadison.com
  • Virtual Tour: http://www.JesseMadison.com


Contact info: 
Jesse Madison Madison Realty 949-306-8416

 

Call about this Ladera Ranch SFR today! 

 

Turnkey Mission Viejo Townhouse! Just listed $485,000

Turnkey Mission Viejo Townhouse! Just listed $485,000

Turnkey Mission Viejo Townhouse

Contact info:
Jesse Madison | Madison Realty | 949-306-8416

3 Bedroom 2 .5 Bath Turnkey Mission Viejo Townhouse

27646 Falkirk, Mission Viejo, CA 92691

$485,000

 

KEY FEATURES
Year Built: 1986
Sq Footage: 1475 sqft.
Bedrooms: 3 Beds
Bathrooms: 2.5 Baths
Floors: 2
Parking: 2 Garage
Laundry: In Unit
Lot Size: 3005 Square Feet
HOA/Maint: $284
Property Type: Townhouse

DESCRIPTION


Stunning Turnkey Mission Viejo Townhome. 3 Bedroom view home. Absolutely turnkey condo with rich laminate wood flooring downstairs which combine beautifully with the slate rock fireplace. Note the custom designer paint and upgraded kitchen to include granite countertops, stainless steel dishwasher, stove and stainless steel sink. See the coffered ceiling with recessed lighting and crown moulding. The Master Suite is spacious and complete with granite bathroom counters and a custom shower with large custom glass doors. The secondary bathroom is also upgraded with granite counters and custom stone tiles. In addition all hardware and doors have been upgraded. Find plantation shutters upstairs, New air conditioner, new water heater, ceiling fans and new carpet upstairs make this home a delight for any new homeowner. Enjoy the panoramic hills views out the back from under the backyard patio cover. Pie shaped lot offers extra space for entertaining guests. Close to the 5 freeway, Shopping centers, Mission Viejo Mall, Saddleback college, Golf Courses and Sports Parks. Walk to your association pool and spa. This home has everything you need and more!

PROPERTY FEATURES


  • Living room
  • Dining room
  • Walk-in closet
  • Master bath
  • Range / Oven
  • Dishwasher
  • Microwave
  • Garbage disposal
  • Stainless steel appliances
  • Balcony, Deck, or Patio
  • Yard
  • Heat: forced air
  • Central A/C
  • Air conditioning
  • Ceiling fans
  • Granite countertop
  • Fireplace
  • High / Vaulted ceiling

COMMUNITY FEATURES


  • Shared pool
  • Garage – Attached


ADDITIONAL LINKS


  • Website: http://www.JesseMadison.com


Contact info: 
Jesse Madison
Madison Realty
949-306-8416

 

Beautiful 2 Bedroom 2 Bath Marina Hills home with Pool View

Beautiful 2 Bedroom 2 Bath Marina Hills home with Pool View

Marina Hills home with pool view

163 Fleurance St, Laguna Niguel, CA 92677

$449,900

KEY FEATURES
Year Built: 1994
Sq Footage: 1009 sqft.
Bedrooms: 2 Beds
Bathrooms: 2 Baths
Floors: 2
Parking: 2 Garage | Guest parking
Laundry: In Unit
Lot Size: 1001 Square Feet
HOA/Maint: $420
Property Type: Condo

DESCRIPTION


Beautiful Turnkey 2 Bedroom Marina Hills home in highly desirable Encore Community. You will love the location across from the pool in this tastefully renovated home. 2 Balconies offer relaxing pool views surrounded by the tropical landscaping complete with Giant birds of paradise, Palm trees and lush Magnolia Trees. Inside enjoy the New Carpet , New Paint and High Vaulted Ceilings that make the Living area so comfortable and pleasant. The kitchen also has new stainless steel appliances to include stainless steel stove, microwave hood and dishwasher. Both bedrooms feature mirrored closet doors and direct access to the large covered balcony in the back corner of the home. The back balcony offers amazing pool views. A second balcony can be found right of the dining room adjacent to the kitchen. Also enjoy the benefits of a large 2 car garage with large 2 car driveway for additional parking. Inside the garage there are hookups for full size washer and dryer as well. Come see this nicely renovated Marina Hills home.

PROPERTY FEATURES


  • Living room
  • Dining room
  • Master bath
  • Range / Oven
  • Dishwasher
  • Microwave
  • Stainless steel appliances
  • Balcony, Deck, or Patio
  • Heat: forced air
  • Central A/C
  • Fireplace
  • High / Vaulted ceiling

COMMUNITY FEATURES


  • Clubhouse
  • Guest parking


ADDITIONAL LINKS


  • Website: http://www.JesseMadison.com
  • Virtual Tour: http://www.JesseMadison.com


Contact info: 
Jesse Madison
Madison Realty

949-306-8416

Lake Forest HUD Owned Home Listed at $720,000

Upgraded Lake Forest HUD owned Home


Lake Forest Forest Hill-3

Located in the heart of Lake Forest off Toledo and Ridge Route. Upgrades include Granite Counters, Breakfast Bar, Ceiling Fans, Crown Moulding, Window Treatments, Upgraded Garage Doors. Must See. FHA Approved!

You can buy with as little as 3.5% down.

 

Features:

4Bd/2Ba Single Family House

$720,000

Year Built
1977
Sq Footage
2456 sqft.
Bedrooms
4 Beds
Bathrooms
2 Baths
Parking
3 Garage
Lot Size
7841 Square Feet
HOA/Maint
$130
For more info on this Lake Forest HUD Owned Home call Jesse at 949-306-8416 or Email:  Jesse@JesseMadison.com

Turnkey Aliso Viejo Townhouse in Gated Milano Community $429,000

Turnkey Aliso Viejo Townhouse For Sale!

Aliso Viejo Townhouse

Beautiful 2 Bedroom 2.5 Bath in Gated Milano Tract

56 Trofello Ln, Aliso Viejo, CA 92656

$429,000

KEY FEATURES
Year Built: 1998
Sq Footage: 1200 sqft.
Bedrooms: 2 Beds
Bathrooms: 2.5 Baths
Floors: 2
Parking: 2 Garage
Laundry: In Unit
HOA/Maint: $298
Property Type: Townhouse

DESCRIPTION


Come see this beautiful Aliso Viejo Townhouse in one of Aliso Viejo’s finest gated townhome communities. The Milano tract is not only located across from SOKA University with its beautiful majestic views off Wood Canyon Dr, but the community features beautifully decorated cul-de-sac streets with terra-cotta colored pavers and Italian Cypress trees that adorn each cul-de-sac street in the community. This unit is located just steps from the pool which also offers plenty of guest parking nearby. The interior is well maintained and decorated with neutral colors throughout. Note the beautiful ceramic tile flooring throughout the downstairs and the neutral carpet upstairs. Cozy fireplace in the living room, large sliding glass door in the dining area leads out to the spacious back patio. The kitchen features a long breakfast bar and direct access to the 2 car garage. this floor plan offers dual master bedrooms upstairs, each with its own full bathroom. In addition there is a media center upstairs perfect for home office. Inside laundry can also be found in the upstairs hall. Don’t miss the opportunity to live in the highly coveted Milano community.

PROPERTY FEATURES


  • Living room
  • Dining room
  • Master bath
  • Range / Oven
  • Dishwasher
  • Balcony, Deck, or Patio
  • Fenced yard
  • Heat: forced air
  • Central A/C
  • Air conditioning
  • Tile floor
  • Fireplace

COMMUNITY FEATURES


  • Gated entry
  • Shared pool
  • Garage – Attached


ADDITIONAL LINKS


  • Website: http://www.JesseMadison.com
  • Virtual Tour: http://www.ubuildtours.com/natour.php?id=E564


Contact info for this Aliso Viejo Townhouse: 
Jesse Madison
Madison Realty

Portola Hills Home for Sale | Back on Market at $825,000

Portola Hills Home for Sale. Back on Market at $825,000

Portola Hills Home for Sale

Portola Hills Home for Sale

4 Bedroom 3090 Square Feet

19762 Highridge Way
Trabuco Canyon, CA, 92679

City Lights and Panoramic Mountain Views! This HUD Owned home is a great opportunity for a large 4 Bedroom home in a beautiful family neighborhood. 3 car garage. Repairs are required in the kitchen. Ready to turn into your dream home! Features include:

  • 4 Bedrooms
  • 4.5 Baths
  • 3090 Sq Ft
  • 6247 Sq Ft Lot
  • 3 Car garage
  • HOA $125/mo
  • Built in 1995

This Portola Hills home for sale currently exceeds FHA loan limits but FHA financing is still available if buyer brings the difference in in cash. Portola Hills is a very desirable area of Trabuco Canyon with just 2164 homes just south of Foothill Ranch and East of Lake Forest.

Portola Hills boasts two separate club houses. Portola II is located in the heart of Portola Hills, while Portola I is on the far north side. Both club houses are equipped with pools, gyms, tennis courts, and volleyball courts. Portola I has 4 basketball courts and a playground.

Portola Hills is also home to Concourse Park, located adjacent to Portola Hills I.

Call Jesse Madison with questions at 949-306-8416

Laguna Woods Village Condo For Sale! Just Listed $259,000

Laguna Woods Village Condo For Sale. Absolutely Turnkey! Watch our Video here:

[kad_youtube url=”http://youtu.be/yNwLBxRB2kI” ]

Come see this beautiful Laguna Woods Village condo. From the moment you walk in you will fall in love with this beautiful two bedroom two-bath unit. Upgrades include Gorgeous laminate wood floors, crown molding throughout, decorative baseboards, tile flooring in kitchen area and dining room, decorative ceiling fans, custom two tone paint, mirrored closet doors, light and bright throughout, long spacious balcony with a very pleasant view. The carport is conveniently located just a few steps away. Absolutely turnkey. You truly must see to appreciate. Laguna Woods Village offers incredible amenities for the 55+ lifestyle. Must-see!

2Bd/2Ba Condo

Listed at: $259,000

Year Built
1969
Sq Footage
1020 sqft.
Bedrooms
2 Beds
Bathrooms
2 Baths
Floors
1
Parking
1 Carport
Laundry
In Unit
HOA/Maint
$615
Virtual Tour
youtu.be/yNwLBxRB2kI
Website
www.JesseMadison.com
Call Jesse at 949-306-8416 for a private showing today!
Laguna Woods Village is centrally located in South Orange County. You are located only 10 minutes from Laguna Beach and the ocean which offers a very moderate climate for retirees. This area offers convenience to shopping, houses of worship, movies and a wide array of recreational activities and social facilities within Laguna Woods. This is a gated community for active adults which has a requirement that each resident the 55 years of age or older.
The HOA fees will include a full-time staff of Carpenters plumbers painters and gardeners that perform maintenance and landscaping so that residents can focus on over 250 community clubs and organizations and enjoy their planned activities.
This Laguna Woods Village condo is situated in a gated community with seven distinct clubhouses, these clubhouses have a hobby and game rooms, meeting and billiard rooms and large swimming polls, hot pools, lawn bowling greens, shuffleboard  courts in two fully equipped fitness centers.  In addition to this, if you enjoy golf there are two professional golf courses  and a driving range.  For tennis enthusiasts, the tennis complex is one of the most modern in all of Southern California.  For horse enthusiasts you can also find an equestrian center in Laguna Woods Village.  For more information please visit http://www.lagunawoodsvillage.com/section.cfm?id=442

Back on Market! 2400 Sq Ft Three Arch Bay home in Laguna Beach. $1,599,000

Back on Market | Contemporary Three Arch Bay home in Laguna Beach!

Watch our Aerial Real Estate Video showcasing the location and amazing private Beach at Three Arch Bay. [kad_youtube url=”http://youtu.be/vutwgILTXrI” ] This is an incredible value for a Three Arch Bay home, one of Laguna Beach’s most desirable communities! Come enjoy the Laguna Beach lifestyle with a Laguna Beach Three Arch Bay home. The stunning contemporary architecture was designed by Horst Noppenberger of Horst Architects in Laguna Beach. Extensive parking for at least 4 cars in the large concrete driveway, Cactus gardens in the front yard entry. The Modern look continues throughout  the interior. The Kitchen features modern style cabinetry and upgrades include Stainless Steel appliances, Granite counter tops, Upgraded Dynasty Stove, Double Door Dishwasher and Garbage Disposal.   The long granite breakfast bar opens up to the living room with fireplace and large glass sliding doors that give you a beautiful tropical backyard view into your own private paradise. As you walk out on the stylized deck with modern handrails you can see the rich IPE wood flooring on your back deck. This beautiful Brazilian wood is dense, water resistant and fire-resistant.The mixed concrete and stone blended with the IPE wood adds visual appeal to the backyard landscaping. The palm trees and Giant birds of Paradise also add a tropical touch to help you enjoy the 12 person spa, Fire pit and BBQ island complete with VIKING Grill and Rotisserie, Ice maker and Refrigerator. There is also an outdoor shower and Dog Run on the side of this Three Arch Bay home

3Bd/2.5Ba Single Family House

$1,599,000

Year Built
1999
Sq Footage
2400 sqft.
Bedrooms
3 Beds
Bathrooms
2.5 Baths
Floors
2
Parking
2 Garage
Laundry
In Unit
Lot Size
6098 Square Feet
HOA/Maint
$100
Website
www.JesseMadison.com
For more info on this Laguna Beach Three Arch Bay Home please call Jesse at 949-306-8416
HOA includes Private Beach Access, Clubhouse, Tennis courts and Tot Lot.