Homes for sale Destin

Much of the change is driven by the higher standards of the companies that buy mortgage loans, including Fannie Mae, Freddie Mac and large banks. Here’s what you need to look out for if you’re trying to land a mortgage, whether you’re buying a home or refinancing.

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Bank of America will collect all of the information it needs from the listing agent and the seller. It will assign a negotiator and complete the process as follows:

Contact an agent to complete a BPO.
Review the documentation and request missing pieces of information
Order internal payoff numbers
Issue a counter offer
Send the file to MI and / or the investor
Accept, counter or reject the short sale
Notify the agent of the outcome

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Under the revised policy, FHA will require purchasers to be financially capable of handling the mortgage, and underwriters will look hard at appraisals. But the agency no longer will rule out insuring a mortgage simply because title to the property had changed hands within the previous three months.

Investors and property disposition firms who work with lenders’ “REO” departments can play key roles in returning abandoned and damaged houses back to productive use.

But without dependable financial takeouts — affordable mortgages for buyers whose credit histories may be imperfect — their jobs are much tougher.

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FHA’s return to the foreclosure resale market segment through its waiver of the 90-day anti-flipping rule should give those investors an important resource to start using - now.

Remember: FHA says the policy change is temporary. Even with a new administration, that June deadline just might be for real.

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