• Tel: (281) 300-5260
    Email: answers@joelovrek.com

  • Long-term Bond Yields Rise

    Long-term bond yields again were pressured higher over the past week, resulting in higher mortgage rates. Changing expectations for future monetary policy from the European Central Bank (ECB) were the main reason. U.S. economic data caused little [...]

    Read more

    Fannie Mae's newest software widens mortgage credit

    Wider credit opportunities are in store for mortgage shoppers starting this weekend as Fannie Mae releases 10.0, the 31st version of its automated credit decision engine named Desktop Underwriter or DU. DU was originally released in 1995 according[...]

    Read more

    How Working with a Real Estate Agent Benefits You

    Team Parodi Buying and selling a home can be a daunting task for anyone, especially when it is your first time. But, it’s a process you don’t have to go through alone – that’s where a real estate agent earns their weight in [...]

    Read more

    Contractor Package - FannieMae Streamline Contractor Package - Consultant Contractor Package - 203k  

    Read more

    Bid Requirements Submitted on the contractor's letterhead and include the contractor's contact information, name of company, name of primary contact, business address, telephone number, email and contractor's license number. Be issued to the [...]

    Read more

    1-5 draws allowed No advances allowed; no materials draws allowed Proof of permits required Requests for use of contingency funds may be allowed with lender approval Work must be completed within 6 months of closing (loan amounts over[...]

    Read more

    Two draws per contractor allowed 50% of the bid amount is disbursed 7-10 business days after closing Remaining 50% of bid amount is disbursed upon job completion Proof of permits is required No holdbacks on draws Requests for use [...]

    Read more

    1-5 draws allowed per Work Write-up Materials draws allowed for cabinets, flooring, windows and roofing Proof of permits required 10% holdback on all draws, except the final draw Holdbacks are paid on final draw Requests for use of[...]

    Read more

    There are no restrictions on the types of repairs as long as they are affixed to the property and add value. Funds can include: Fences Decks Landscaping In-ground pools

    Read more

    1-4 unit owner-occupied principal residence 1-unit second homes 1-unit investment properties

    Read more