Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Danielle Engels from Dakotaland FCU. Listen as she explains a new requirement through Fannie Mae for first time home buyers. You can reach Danielle at 605.697.5922 or firstname.lastname@example.org Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com
New Requirements for Fannie Mae Loans
- Set up. Good morning everybody how you doin'? Shane here with the Brookings Home Team, powered by Century 21. 8:15 for the last time in 2019, it is Monday morning and this will be our last Monday morning mortgage tip for the year 2019. So Dani, excuse me, got a frog there. Dani from the Dakotaland Federal Credit Union will be doing this last one here and as you guys jump on here please let us know, give us a heart, a thumbs up if you have any questions during this let us know and we'll try to answer them here or we'll answer them on the next episode. So, that being said, Christmas week.
- Only a couple days left. Dani what is the mortgage tip you have for us today?
- Okay, there was a recent change with Fannie. So as of December 7th, if you are a first time home buyer and you're putting 3% down, so basically if your loan to value is anything above 95% or higher, or higher than 95%, you now are required to take a home buyer education course. This is outside of South Dakota Housing or Home Ready, none of those, you have to do different requirements with that so this is strictly going conventional with Fannie You can follow a specific link which we would help you with that and they do charge a $75 fee but if you go through that specific link and you take the course then that fee is waived.
- Basically if you are doing a 3% down payment and going Fannie then that is a new rule that is just going into effect this month.
- This month. So brand new rule. Gotta change the rules here as the year ends so.
- Right, yup.
- And you guys have the link for them to go to that they can do that and then
- Like you said, the fee is waived if you participate with that part.
- Yes, that is right. So we would get you that specific link so that you wouldn't be charged and then you just have to give us that certificate that you completed the course.
- Do you know how long it takes? Have you heard anything?
- I don't think it's that long because we just literally had someone do it and I think they got it done in less than an hour so.
- Oh okay so, there is a little bit of time in there but it's not like three or four questions where you can beep beep and be done huh?
- No but you do have to take like a quiz and you have to pass it so there's a quiz at the end.
- Everybody loves tests. So all right, well good information there. Thanks for sharing that new rule that they just implemented here like she said December 7th so, if you have any questions for her please reach out to her and let her know. She'd be happy to answer those for you or anything else for that matter. I'll have all of her information as normal on the top, on the bottom or on the sides wherever your device allows you to see that. And again, our last Monday morning mortgage tip. I think it's episode 113 or 114, I can't even remember here. We'll be back next year, 2020 starting fresh again and getting ready for that year. So thanks everybody for watchin', this year and the last couple years on these Monday morning mortgage tips. I really do appreciate it, thanks to you, appreciate you guys jumpin' in and doin' that as well. Can't do it without you guys so thanks again for that. Christmas, Merry Christmas to everybody out there, Happy New Year and anything else you wanna add before we sign off for 2019?
- No, have a great Christmas everyone.
- All right sounds good, thanks again guys, stay warm, stay safe, talk to you later, adios.