Fannie Mae Loosens Their Mortgage Guidelines

Today I’ve got some exciting news to share with you about the recent changes to the Fannie Mae mortgage guidelines.

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Call me at 303-974-9471 for a FREE home buying or selling consultation to answer any of your real estate questions.

Fannie Mae has made four important changes to the mortgage guidelines that will definitely impact homebuyers. 

First, they’ve loosened up the debt-to-income ratio. It used to be that only 45% of your income per month could go toward debt of any kind, including car payments, mortgage, or other payments. They’ve now upped that number to 50%, giving you a little more room to find the right home and still be able to afford it.

The second thing is that loan-to-value is now going to be in the same range for adjustable rate mortgages and fixed rate mortgages. It used to be that these weren’t equal or similar in value due to the debt-to-income ratio, but that has changed.

Self-employment documentation used to be far more complicated, with the requirement being that you needed to have two years of verifiable self-employment income in order to get a loan. Fannie Mae has now reduced that requirement to just one year of verifiable self-employment income, making it easier for anyone who is self-employed to get a home loan.

Finally, we’re seeing some changes to how Fannie Mae treats relocations. It used to be that anyone who needed to relocate for a new job needed to provide one or two months of income from the new employment before they could get a loan. It would slow the entire process down and make it difficult to relocate.

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We’re seeing some changes to how Fannie Mae treats relocations.

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Fannie Mae is now accepting a letter of employment from your new employer as proof of your relocation and will be able to approve a loan faster. This means that you can get the loan before you even start the job and finish your relocation on a faster timetable.

It’s great news to see these changes with the mortgage guidelines, as it helps people enter the market and finally get the home of their dreams. If you have any questions about this topic or you’re looking to buy or sell a home, please give me a call. I’d be happy to help!

What Are the Pitfalls of Buying a New Home in Denver?

In today's video, Ryan Anderson discusses why you need a real estate agent, even when you are building new.

Buying a home? Click here to perform a full home search
Selling your home? Click here for a FREE Home Price Evaluation 
Call me at (303) 523-4364 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hey everyone, welcome back. Today I wanted to share with you some important information if you've been thinking about buying a new home. A lot of people in Denver have been purchasing brand-new homes lately. This is a great idea for a lot of buyers, but there are some drawbacks you should know about before purchasing. We want to help you avoid these pitfalls. 

We highly encourage our clients, our friends, and our family to use a real estate agent when buying a new house. Here are a few reasons why working with the Anderson Group is essential to a successful transaction:

• We are your advocate in the transaction. We only have your best interest at heart, and we want to give you the best advice possible so you can get the best price and best terms on a purchase. 
• We help choose the right lot location.
• We advise you on lender selection. Builder's lenders tend to have higher rates than normal.
• We help you negotiate your deal the right way, so you don't overpay, and you get favorable terms.
• Biweekly walkthroughs are the norm for us, whereas some don't do them at all.
• We can help you set a strict budget, so you don't spend more on a home than you are comfortable doing. 
• We can advise you on the best resale options for maximum value.
• We help keep track of your costs.
• We arrange for a home inspection prior to the home closing, as well as an inspection 11 months after closing.

Buying a new home in Denver is like buying a FSBO. The builder, and the builder's agent, don't have your best interest at heart, so you need someone who does. If you are thinking about buying or selling a home in the Denver area, give us a call or send us an email. We look forward to hearing from you!

How Can We Weather the Storm?

Buying a home? Click here to perform a full home search
Selling your home? Click here for a FREE Home Price Evaluation 
Call me at (303) 523-4364 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hey everyone, thanks for joining our blog once again. Today I want to share a story with you about a recent experience I had and why it got me thinking about customer service. 

One of my clients, Mike, is a captain at United Airlines and regularly makes the flight from Denver all the way to China. A few weeks ago, Mike invited me to take a test ride in United's flight simulator here at DIA. It was so cool sitting up there in the cockpit, it felt like I was really in a 747. The number of controls was mind boggling to me. The hardest part for me was just getting the plane started! I crashed a few times, but thankfully, no one was hurt. 

It was an amazing experience, one that gave me a lot of perspective about what I do. I think there are a number of similarities between my job and the job of a pilot, so much so that today we want to share with you one of our most useful documents when it comes to getting our clients ready to sell, the 88 types of turbulence. 

Just as you may experience turbulence in an airplane, a real estate transaction isn't always smooth sailing. Our 88 types of turbulence is simply a list of things that may go wrong in a transaction. It's surprising the amount of people who don't think decisions like this through and end up getting burned because of turbulence. 
Home inspections, loan approvals, pre-approvals - there are a lot of things that can go wrong in a real estate transaction. We can't guarantee these things won't happen, but we can guarantee you that we are not going to bail out on you. That's what a good pilot should do, right? As your real estate expert, we want to be problem solvers and avoid as much turbulence as we can.

If you want a smoother transaction or if you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking with you soon!