ATLANTA, GEORGIA – 11th May, 2020 – Moreira Team Powered by MortgageRight brings the latest news with regards to mortgages, interest rates and other aspects of FHA Loans, Jumbo loans, USDA loans in Florida, FHA refinance and more. There have been numerous updates and changes in the financial sector due to the impact of Covid-19. There have been major changes made by lenders especially for mortgages. Below are a few of the latest updates brought together by The Moreira Team:
Fannie Mae and Freddie Mac, a home mortgage company and a product of the U.S. Congress, is helping the mortgage market and providing mortgage relief. They are now accepting either desktop or exterior only appraisal on purchase transactions.
Major purchasers of Jumbo loans have exited the market. As the lenders shun risk, the credit guidelines get more conservative than before, and a lack of supply puts upward pressure on rates.
Subprime Loans/ Non QM Loans are rapidly evaporating due to the lack of demand on Wall Street. As they account for 5% of the mortgage industry, the impact is fairly less.
The IRS has just suspended all tax verifications. Most loans require the lenders to authenticate tax returns with tax transcripts from IRS acting as proof. MortgageRight is temporarily waiving tax verification requirements on conforming loans and are working towards other products lines too.
FHA Loans have seen an increase in the credit score requirements to 680. MortgageRight, has temporarily increased the minimum credit score for Government loans to 660. Lenders are also limiting the debt to income ratios.
MortgageRight is setup to allow E-Closings on most of their programs with some of the top title agents ready to go.
Interest Rates on Conforming and FHA Loans have increased when compared to a few week ago.
MortgageRight is committed to prioritize purchase transactions and lead the industry in closing speed. The market has witnessed a sharp rise in refinance transactions in the past 30 days which had influenced most lenders in the market.
Moreira Team is dedicated to put the interests of their customers before anything else and update them with any changes that might impact their home buying experience.
About Moreira Team
Moreira Team based in Atlanta, GA is a professional mortgage broker and lender that offers loans devised according to the financial needs of the borrowers. With over 22 lenders in play, borrowers can now get the best deal in as little as 17 days with low rates and better payment options.
Address: 1230 Peachtree St NE #1900a Atlanta, GA 30309
Company Name: Moreira Team
Contact Person: Keith Dean
Email: Send Email
Address:1230 Peachtree St NE #1900a
Country: United States