“Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs,” saysMalloy Evans, executive vice president of single-family business at Fannie Mae. If homeowners are unsure about whether or not Fannie Mae owns...
The mortgages eligible for Fannie Mae to purchase are called conforming loans. A conforming loan has specific guidelines for the borrower’s credit score, down payment amount, DTI ratio, LTV ratio and the type of property that can be purchased. Also, the loan cannot be above a certain size,...
Doing Business with Fannie Mae Part Adescribes the requirements a lender must satisfy to become a Fannie Mae-approved seller and servicer of residential home mortgage loans. This part also includes information on an approved lender’s contractual obligations, procedures for obtaining technology applicati...
TheFannie Mae HomeReady programis available to first-time and repeat buyers and current homeowners. It allows individuals to buy or refinance a property with 3% down or 3% in equity. This is a program designed to help low- to moderate-income borrowers; only those making 80% or less of the...
Appraisal news for real estate appraisers and real estate professionals regarding Fannie Mae. News relating to the Appraisal Industry.
It functioned not only to aid prospective home buyers who could not afford high-rate mortgages but also to help existing home owners refinance their mortgages to avoid foreclosure. Fannie Mae purchased loans insured by the Federal Housing Administration (FHA) and later by the Veterans Administration...
creating the Federal National Mortgage Association, better known asFannie Maefrom its acronym, FNMA, to supply reliable, steady funding for housing. It brought a new type of mortgage to the market: the long-term, fixed-rate loan with an option to refinance anytime.2This has become the primar...
Refinancers cut average of 2 points, Fannie Mae says. (homeowners who refinance their mortgages; Federal National Mortgage Association) (Brief Article)Kulkosky, Edward
Greystone provided a $21,464,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 144-unit multifamily community in Herndon, Virginia. The transaction was originated by Cullen O’Grady, managing director in Greystone’s Rockv
Loan Programs Here at Versatile Mortgage LLC, we have the right loan program for you. Whether you looking for Purchase, Refinance, or Specialized Loans, we can do it! Learn More Mortgage Calculators Browse our selection of calculators and tools. You will find what you need to get started, ...