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Index
Contents
Chapter 1 What Happened, and How Did We Get Here?
A Little History
Secondary Market Growth
Subprime Loans
Fallout of the Subprime Collapse
Chapter 2 Fannie Mae and Freddie Mac: Underwriting Changes That Affect Every Potential Homeowner
Lending Guidelines Demystified
Understanding Conventional and Government Loans
Changes to the Maximum Loan Amount
Super-Conforming Loans
Changes to Credit Score Underwriting
Improving Your Credit Score
New Underwriting Requirements Regarding Credit
Getting Alternative Credit on Your Credit Report
Establishing Appropriate Accounts (And a Secret Alternative if You Don't)
Changes to Underwriting in Regard to Credit Scores
Repairing Your Credit Score
The New Model for Qualifying: The Loan Level Pricing Adjustment (LLPA)
Importance of Credit Scores
Criteria for Investment Properties
New Rules for Real Estate Investors
Summary
Chapter 3 Government-Backed Loans: VA, FHA, and USDA
VA Loans
FHA Loans
The Other Zero-Down-Payment Loan: USDA
New Changes to Government-Backed Bond Loan Programs
Summary
Chapter 4 Qualifying the New Way: Understanding Automated Underwriting Systems
Property
Borrowers
Automated Underwriting Systems
Private Mortgage Insurance
Summary
Chapter 5 Banks, Mortgage Banks, and Mortgage Brokers in the New Mortgage Market
Changing Presence of Banks in the Mortgage Industry
Changing Role of Mortgage Brokers
Home Valuation Code of Conduct
National Registry for Licensed Mortgage Loan officers
New Licensing Rules
Advantages of Mortgage Bankers
Finding a Good Loan officer
Summary
Chapter 6 Loan Programs: Which Is Right for You?
Conventional Loans
VA Loans
FHA Loans
Choice Change: Fixed Versus Adjustable Loans
Loan Terms
Prepayment Penalties
Loan Limits
Documentation
Summary
Chapter 7 Funds for Closing: Down Payments and Closing Costs
Closing Costs
Fee Disclosure
Important Changes: Interest Rate Locks
Negotiating Closing Fees with the Lender
Junk Fees
Money for The Down Payment and Closing Costs
Summary
Chapter 8 What to Do When Things Go Wrong
The Foreclosure Timeline
Short Sales
Loan Modifications
Repairing Your Credit
Summary
Appendix: Monthly Payment Schedules
Example
Glossary
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Index
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U
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Y
Z
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