10 episodes

Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.

Mortgage Broker Advisors Podcast MKG Enterprises Corp Third-Party Originator NLMS 1370494

    • Education

Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.

    FHFA raises 2023 loan limits on Fannie Mae, Freddie Mac mortgages

    FHFA raises 2023 loan limits on Fannie Mae, Freddie Mac mortgages

    FHFA raises 2023 conforming loan limits on Fannie Mae, Freddie Mac mortgages

    The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. 

    In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.​

    National Baseline

    The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2022 FHFA House Price Index® (FHFA HPI®) report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 12.21 percent, on average, between the third quarters of 2021 and 2022. Therefore, the baseline CLL in 2023 will increase by the same percentage.​

    High-Cost Areas

    For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150 percent of the baseline limit. Median home values generally increased in high-cost areas in 2022, which increased their CLL. The new ceiling loan limit for one-unit properties will be $1,089,300, which is 150 percent of $726,200.

    Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $1,089,300 for one-unit properties.

    Due to rising home values, the CLLs will be higher in all but two U.S. counties or county equivalents.​
    Apply for a mortgage loan today
    https://mkgenterprisescorp.com

    • 3 min
    What Is a Rapid Rescore?

    What Is a Rapid Rescore?

    Mortgage lenders may request a rapid rescore to have new payment information added to your credit reports quickly. This may result in a potential increase to your credit score, possibly improving your loan eligibility.
    When you apply for a home loan, your mortgage lender may require you to pay off any past-due debts or outstanding loans before approving your loan application. Rapid rescoring is a process lenders use to have new payment information added to your credit reports quickly—potentially increasing your credit score and improving your loan eligibility.
    How Rapid Rescore WorksWith a rapid rescore, a mortgage lender pays a fee to the credit reporting company (Experian, TransUnion or Equifax) to have recent account changes updated to a loan applicant's credit report in an expedited time frame.
    Normally, after you make the necessary payments to pay down or pay off an account as requested by your mortgage lender, it may take a full billing cycle or two for your creditors to process those payments and report the information to the credit reporting agencies. Only credit scores calculated after the updates have been made to your credit report will reflect the changes to your accounts.
    Because mortgage loans are often time-sensitive, a mortgage lender may prefer to pay a fee to have an applicant's payment information updated more quickly. The lender submits proof of the recent payment updates, such as paying off or paying down debt accounts, to the credit reporting agency so the new information can be updated more quickly and help expedite the lender's mortgage approval process.
    Once the credit report is updated, the lender can request a new credit score that will reflect those updates and ideally result in a higher score. This service is offered only through your lender—you cannot request a rapid rescore on your own.

    How Long Does Rapid Rescoring Take?How long a rapid rescore takes can depend on your mortgage lender and other creditors.
    Once you have made payments to your credit accounts, those creditors will first need to update the accounts to reflect the new balance or payment status. Next, your mortgage lender will need to obtain proof of the changes from you so they can provide the updated information to the credit reporting company.
    Once the mortgage lender begins the rapid rescore process with the credit reporting agency and submits the necessary documentation, it is often completed within two to three days.

    Is a Rapid Rescore Something I Should Consider?A rapid rescore is usually recommended by your mortgage lender when your current credit score falls a few points below the score needed to qualify for a better rate or loan terms. Even a small change of a fraction of a percentage point in your mortgage interest rate can save you thousands of dollars over the life of the loan.
    If you have a current credit score that is relatively close to the score the bank says you need, and the means to pay down your debts, it may make sense to ask your lender to take advantage of a rapid rescore option to save money on interest and fees.
    It's important to keep in mind that paying off or paying down an account may not always result in a credit score increase. There are many different factors that go into a credit score calculation, and each individual's credit situation is unique.
    For example, if a high utilization rate is one of the more significant factors impacting your scores, paying down a large a href="https://www.experian.com/blogs/ask-experian/how-do-my-credit-card-balances-affect-me/" rel="noopener...

    • 10 min
    "FHFA is eliminating upfront fees for certain first-time homebuyers"

    "FHFA is eliminating upfront fees for certain first-time homebuyers"

    The Federal Housing Finance Agency (FHFA) today announced on October 24, 2022 targeted changes to Fannie Mae and Freddie Mac's (the Enterprises) guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.
    ​As part of the pricing changes stemming from the Agency's ongoing review of the Enterprises' pricing framework announced last year, FHFA is eliminating upfront fees for:
    First-time homebuyers at or below 100 percent of area median income (AMI) in most of the United States and below 120 percent of AMI in high-cost areas; HomeReady and Home Possible loans (Fannie Mae and Freddie Mac's flagship affordable mortgage programs); HFA Advantage and HFA Preferred loans; and Single-family loans supporting the Duty to Serve program.
     
    "FHFA is eliminating upfront fees for certain first-time homebuyers, low-income borrowers, and underserved communities to promote sustainable and equitable access to affordable housing," said Director Sandra L. Thompson. "Today's announcement will result in savings for approximately 1 in 5 borrowers of the Enterprises' recent  mortgage acquisitions."
    Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.
    Contact us today at (559) 412-7248
    Web:  https://mkgenterprisescorp.com

    • 2 min
    FHFA Approves FICO 10T and VantageScore 4.0 Credit Models

    FHFA Approves FICO 10T and VantageScore 4.0 Credit Models

    FHFA Approves FICO 10T and VantageScore 4.0 Credit Models 
    New Credit Models Benefit Borrowers & Enterprises 
    The Federal Housing Finance Agency (FHFA) announced October 24, 2022 validation of both the FICO 10T credit score model and the VantageScore 4.0 credit score include rent, utilities and telecom payments, delivering a more accurate and inclusive credit model for use by Fannie Mae and Freddie Mac. 
    The FHFA expects implementation will be a multiyear process, and lenders will be required to deliver both scores with each loan sold to Fannie Mae and Freddie Mac.
    “While implementing the newer credit score models is a significant change that will take time and require close coordination across the industry, the models bring improved accuracy and a more inclusive approach to evaluating borrowers,” said FHFA Director Sandra Thompson.
    This decision comes as an effort to implement Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The FHFA has used the classic FICO score for nearly two decades.
    Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.
    Contact us today at (559) 412-7248
    Web: https://mkgenterprisescorp.com

    • 2 min
    Strive Real Estate Group

    Strive Real Estate Group

    Finding a good relator & loan officer that knows the local market
    Co-founder of a top real estate team in Fresno called Strive Real Estate Group at Real Broker. Helped 144 families in 2021. Receives cash flow from 17 doors with 3 being an Airbnb.
    OUR MISSION
    To provide our clients with sound business advice and represent their interests with the highest level of professionalism, intelligence and integrity in the industry.
    Win – Win: or no deal
    Integrity: do the right thing
    Customers: always come first
    Commitment: in all things
    Communication: seek first to understand
    Creativity: ideas before results
    Teamwork: together everyone achieves more
    Trust: starts with honesty
    Success: results through people
    Fresno Calif. has had a 23.1% rent increase over the last 12 months which is well above the state of California (11.6%) and U.S. (15.1%) rent increases. The average one-bedroom apartment now costs $1,150.
    KEY POINTS
    Home prices are rising faster than rents, which is shrinking the affordability gap between being a homeowner and a tenant.Single-family homes are less affordable than they have been in just over three quarters of the U.S. — the highest total in 13 years, according to a real estate data tracker.All real estate is local, however. Homeownership is more affordable than renting in suburban and rural areas, but it’s cheaper to rent in big cities. Work with a good mortgage loan officer that put your best interest at heartGet Pre-approved before home shoppingFind a good relator that knows the local marketFile two years of tax returns

    Contact Darren Wade
    Strive Real Estate DRE # 01910957
    550 W Alluvial, STE 110
    Fresno , CA 93711
    (559) 840-8838

    Get Pre-Qualified
    https://mkgenterprisescorp-homeready.loanzify.io/register/marshawn-darren

    • 1 hr 5 min
    Zero Percent Mortgages Pitfalls

    Zero Percent Mortgages Pitfalls

    Zero down-payment mortgages and similar programs appear to have recently been gaining traction on Main Street.
    Bank of America announced Aug. 30 that it is launching a trial program, called the Community Affordable Loan Solution, offering mortgages that do not require closing costs, down payments or minimum credit scores. People in predominantly Hispanic or Black neighborhoods in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami that meet specific income requirements will have access to the program.

    In March, TD Bank launched a similar program that includes a $5,000 lender credit that qualifying borrowers can use on home purchase closing costs or down payments. Qualifying borrowers must meet certain credit and income parameters, as well as reside in a participating market, according to the bank's press release.

    JPMorgan Chase also expanded its grant program in February 2021 to offer $5,000 for closing costs and down payments to homebuyers purchasing homes in predominantly minority neighborhoods.

    The most recent data from the National Association of Realtors found that there was a significant racial gap in homeownership in 2020. White households had a homeownership rate around 72.5%, while the homeownership rates for Hispanic and Black households were 51.1% and 43.4%, respectively.
    IS CURRENT HOUSING MARKET SLOWDOWN SIMILAR TO 2008 CRASH?
    Zero down-payment mortgages, however, have some downsides, according to Bankrate.com chief financial analyst Greg McBride.
    The downsides are that the homebuyers are very dependent on further price appreciation to build a meaningful equity stake and without that, there will not be enough equity to pay the closing costs if plans change and they need to sell in the first few years.

    This is the "wrong end of the real estate cycle for zero down payment mortgages."

    "The risk to borrowers has grown because of the surge in home prices," McBride said. "If home prices stall, or even decline, a no down payment loan could be setting the buyer up for failure as they won't have much, if any, equity stake in the home."

    That increases the likelihood of a loan default if the borrower is looking to exit the home, he said. 
    The housing market has been cooling in recent months. The number of home sale cancellations reached a two-year high in July as roughly 16% of homes that went into contract that month were called off, according to a Redfin analysis. Sentiment among builders also reached a record-low since May 2020. 
    MKG Enterprises Corp Third-Party Originator NMLS 1 3 7 0 3 9 4  is a diversified digital finance company focusing on serving low-income and moderate income communities while promoting equal and fair access to homeownership to first-time home buyers and existing homeowners FHA, Conventional, VA, Jumbo loans, Non Qualified Mortgage loans, DSCR.

    Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth. Contact us at (559) 412-7248

    Apply online at https://mkgenterprisescorp.com
    MKG Enterprises Corp is pleased to introduce the Down Payment...

    • 4 min

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