Limited time only: Fannie Mae to help cover mortgage closing costs

FANNIE MAE HomeStyle renovation mortgage finances purchase and renovation in a single mortgage BACKGROUND AND PURPOSE -homes" that help low- and moderate-income house-holds become homeowners and start building equity. Frequently, starter homes are older and have deferred maintenance that drives down the price. Access to

Fannie Mae is offering more incentive to owner occupants, that is non-investor purchasers of new homes, by helping to cover the closing costs in some states. The offer is only available to FirstLook homes. That’s Fannie’s program where homebuyers get to buy homes without competition from investors. The home can be purchased via Fannie Mae’s HomePath website which features foreclosed homes from the portfolio of the government-sponsored enterprise.

Fannie Mae to Help Cover Mortgage Closing Costs  · FHA & VA loans allow a maximum 6 % seller assist. Down payment amount is not a factor, Owner occupancy only. Fannie Mae, Freddie Mac and most Jumbo programs allow the following for Owner Occupancy 3% for 0 – 9.99% downpayment 6% for 10-24.99% down payment 9% for 25% or higher down payment Investment properties are usually limited to a 2% seller assist

 · A new guideline from Fannie Mae makes it easier to qualify for a conventional loan by allowing you to exclude the loan from your debt-to-income (DTI) ratio if you’re on an income-based repayment plan with a $0 monthly payment. We’ll go over what the change means and the documentation you need to qualify.

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Each comes with cancellable mortgage insurance as well. Fannie Mae. cover closing costs or a down payment – Payments are deferred until the home is sold, paid off, refinanced Cons – Stringent.

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Fannie Mae First Time Home Buyer Trump steps in Fannie-Freddie mess with a fix still a way off – That raises doubts about Fannie and Freddie being released. for supporting lending to low-income and first-time home buyers. ginnie mae is a government owned Corp. profit sweep hedge funds.

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Agency loans sold to Fannie Mae/Freddie Mac: ranging from 3% to 9% (the higher the LTV, the lower seller concessions allowed) VA loans: up to 4%; USDA loans: 6%; Let’s all be clear that these incentives are meant for closing costs only and not for any other purpose, e.g. for the buyer to get cash back at closing.