Michigan mortage explanation The current jumbo loan limit is $417,000. Jumbo Loans are what they call non-conforming loans. They do not fit into Fannie Mae or Freddie Mac guidelines because of the loan size. Many homeowners don’t realize that when they borrow over the …
On the internet yesterday they said 48% of all subprime mortgages where either in foreclosure or at least one month late on their payments. I just don’t understand how Wall Street, and the banks did not understand the potential problems with these …
The fallout from Metro Detroit Sub-prime mortgages Read more »
Michigan Mortgage Loan Officer Licensing. As of April 1, 2009 all mortgage loan officers will have to be licensed. We have to be fingerprinted, have to have a criminal background check done, and be tested on our knowledge of …
What is a conforming loan or conventional loan? There are all sorts of mortgage loans but there were 3 major types Conventional loans (conforming loans) FHA Loans Sub-prime or non-conforming loans The terms conventional or conforming loans are usually used to mean the same …
First time Home Buyer tax credit Congress has finally reached agreement on the stimulus bill which the president will sign tomorrow. The main points of the first time home buyer tax credit are The credit is now $8,000 (down from the proposed $15,000). This is …