• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Conventional Mortgage Loan Updates

October 11, 2011 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email

Getting conventional financing? How about a 15 year fixed-rate mortgage or a 30 year fixed-rate mortgage? Depending on your loan to value, new underwriting guidelines might affect your ability to get financing. This is update is accordance with purchases and refinances.

Following are some of the conventional mortgage loan updates as of October 8, 2011.

  • AVM (automated valuation model) is required on mortgage loans where loan to value’s are greater than 70%. This Fannie Mae/ Freddie Mac requirement states the appraised value must scrubbed against an AVM. The appraisal value must be within 15% of the AVM, otherwise a desk review is required to validate the property value.
  • If business assets are used for closing, you will need a full two years of business tax returns for review by the underwriter in order to analyze the cash flow of the business.
  • Non-Occupant Co-Borrowers -the occupant borrower must contribute 5% to the transaction before any assets of the non-occupant can be used. Chat with your loan officer.
  • Delayed Financing Cash Out refinance option to the Refinance section. This a fantastic mortgage loan allowing you to re-mortgage your cash from a free and clear property you just bought.

Find a competitive mortgage rate for your conventional mortgage loan. Choose from a variety of fixed rate mortgages now. See if these new conventional mortgage loan updates affect your purchase or refinance.

Related Mortgage Advice from Scott Sheldon

  • New Delayed Financing Rule: Pay Cash for a Home, Get Cash Out Under 6 Months!

    The new Delayed Financing Rule allows you to take cash out of a property you…

  • How do I use the Delayed Financing Rule ?

    I am currently in Florida, in a closing debacle with Suntrust Mortgage and want to…

  • FHA Mortgage Rates Vs. Conventional Mortgage Rates

    Searching for a home financing? If yes, consider the most common types of mortgage loans…

  • How The Delayed Financing Rule Works: The Buy & Refi Solution

    In 2011, Fannie Mae introduced to the mortgage market, the Delayed Financing Rule, effectively allowing…

Filed Under: Underwriting Guideline Updates

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window