Fannie Mae: There are more potential homebuyers out there

"There was a danger that something like a run on bank would happen to Fannie or Freddie" if the government didn’t step in, Van Order said. But the takeover won’t help homebuyers already in.

Both Fannie Mae and Freddie Mac have loan programs catering to homebuyers who want to accomplish two goals with the same mortgage: purchasing and renovating a home. Keep in mind that these two government-sponsored enterprises don’t directly lend money to consumers, they only buy mortgages from other lenders.

There are subtle yet critical differences between Fannie Mae and Freddie Mac’s underwriting guidelines. This course explains those differences in detail and how to understand them when working in Fannie and Freddie’s respective AUS’s.

 · There were more than 92,000 manufactured homes shipped in 2017, up from almost 50,000 when the market bottomed out in 2009. For traditional mortgage lenders starting to become more active in the sector, this is the source of an incremental gain in volume rather than a notable one.

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Analysts with fannie mae reviewed years worth of data and determined that there are many potential borrowers with debt-to-income ratios in the 45% to 50% range who are otherwise well qualified for a home loan. They are introducing this mortgage rule change to better serve that audience – and to boost their earnings, of course.

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Fannie Mae recently announced 3% down payment mortgages to help first-time homebuyers who can’t afford a large down payment but would otherwise qualify for a mortgage. First-time homebuyers interested in this option should ask their lender about the program and discuss the eligibility requirements, including underwriting, income documentation.

Fannie Mae’s HomeReady® loan can be accessed with as little as 3% down. To qualify, you’ll need a credit score of at least 620 and must earn an income at or near the U.S. median. To qualify, you’ll need a credit score of at least 620 and must earn an income at or near the U.S. median.

Fannie Mae completes third non-performing loan sale Servicers who purchase non-performing Agency loans must apply a "waterfall of resolution tactics" before resorting to foreclosure and report loan resolution results and borrower outcomes to Fannie Mae.

Owning a home is rewarding in so many ways. And as any homeowner knows, it’s also a big responsibility. There are new questions to consider all the time, and those questions require confident decision making. Framework provides the information and unbiased advice you need to be smart and successful – whether you’re just thinking about buying or learning how to protect your investment for.