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There were no dramatic mortgage product changes last week and it feels like things have stabilized in the mortgage world.
Riskier programs have either been eliminated or tightened up significantly, but Conforming loans remains strong with few changes and a more streamlined process.
The Federal Reserve meets on Wednesday and investors will be closely tuned in to learn more about the Fed’s plan for future bond purchases.
A growing concern is furloughed or laid-off borrowers who won’t be able to qualify until they go back to work.
The longer self-employed and commissioned employees are out of work, the longer they will need to be back at work to show their income is consistent with pre-virus levels.
Thankfully, Fannie Mae and Freddie Mac announced they will buy loans that have entered into forbearance (except cash-out refinances).
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