It’s Going to Be Easier to Get a 3% Down Mortgage

Mortgages

It’s Going to Be Easier to Get a 3% Down Mortgage

It’s Going to Be Easier to Get a 3% Down Mortgage

HomeReady, the mortgage option that allows borrowers to qualify with income from non-borrower household members, is getting an upgrade. That’s according to government-sponsored mortgage titan Fannie Mae, who announced the following features in a release on Tuesday, the day the changes went into effect. Among them, occupant borrowers on a HomeReady loan can own other residential properties,... Read More

How Your Credit Card Can Keep You From Buying a Home

Mortgages

How Your Credit Card Can Keep You From Buying a Home

How Your Credit Card Can Keep You From Buying a Home

New changes coming to Fannie Mae’s automated underwriting system next month could have prospective homebuyers rethinking how they pay their credit card bills. Here’s why. Lenders generally use Fannie Mae’s automated underwriting system for every single mortgage loan sold in the secondary mortgage market. This system has always reviewed the mortgage applicant’s credit history, credit... Read More

Fannie Mae to Stop Requiring Pay Stubs for Mortgage Approval

Mortgages

Fannie Mae to Stop Requiring Pay Stubs for Mortgage Approval

Fannie Mae to Stop Requiring Pay Stubs for Mortgage Approval

Fannie Mae is trying to make the mortgage application process a bit easier for consumers (and financial institutions). The mortgage giant announced earlier this week that it will permit lenders to use verified employment and income information and trended credit card data supplied by the credit bureau Equifax in its underwriting processes beginning mid-2016. That means that prospective... Read More

The New Program Designed for Low-Income Homebuyers

Mortgages

The New Program Designed for Low-Income Homebuyers

The New Program Designed for Low-Income Homebuyers

Government-sponsored mortgage giant Fannie Mae is starting a new home loan program for low-income borrowers called HomeReady, with the goal of improving creditworthy consumers’ access to affordable mortgages through low down-payment requirements, homeownership education and other specialized underwriting criteria. The HomeReady program will be available to borrowers in areas designated by the U.S. Census Bureau... Read More

Fannie Mae Bounces Back With Record Profits

Mortgages

Fannie Mae Bounces Back With Record Profits

Fannie Mae Bounces Back With Record Profits

Fannie Mae hit record net income for fiscal year 2012 at $17.2 billion while fourth quarter earnings were $7.6 billion, according to a recent report published by the company. This marks a significant gain since the $16.9 billion loss in 2011. Declining delinquency rates and improving credit among consumers were attributed to the gains, the... Read More

Should the Government Get Out of the Mortgage Industry?

Mortgages

Should the Government Get Out of the Mortgage Industry?

Should the Government Get Out of the Mortgage Industry?

In recent years, even as the housing market has made significant strides to get out of the doldrums experienced immediately following the bubble burst, there has been significant discussion about scaling back federal involvement with two government-sponsored mortgage-backing enterprises. Now, a new plan for doing so is about to see the light of day. A... Read More

Fannie Mae Reaches Massive Settlement Deal with BofA

Personal Finance

Fannie Mae Reaches Massive Settlement Deal with BofA

Fannie Mae Reaches Massive Settlement Deal with BofA

Many of the nation’s largest mortgage lenders have been involved in settlements related to potentially unfair or misleading origination or foreclosure practices prior to and during the housing meltdown. That trend continued this week thanks to a deal between Bank of America and the government-sponsored enterprise Fannie Mae. The two sides reached a resolution that... Read More

Unraveling the Freddie-Fannie Tangle

Mortgages

Unraveling the Freddie-Fannie Tangle

Unraveling the Freddie-Fannie Tangle

In the aftermath of the financial crisis, American taxpayers poured $187.5 billion into two huge but poorly understood companies: Freddie Mac and Fannie Mae...

Fannie, Freddie Halt Foreclosures for the Holidays

Mortgages

Fannie, Freddie Halt Foreclosures for the Holidays

Fannie, Freddie Halt Foreclosures for the Holidays

The holiday season is stressful enough for millions of consumers across the country who are struggling with their finances, so two of the nation’s government-sponsored mortgage backers have made the decision not to take any negative actions that might dampen their moods further. Both Fannie Mae and Freddie Mac will forgo evictions of consumers who... Read More

New Rules Determine Who Takes Control of Home Defaults

Mortgages

New Rules Determine Who Takes Control of Home Defaults

New Rules Determine Who Takes Control of Home Defaults

In the past, a major problem in the mortgage market was that when consumers defaulted on their home loans backed by the two large government-sponsored enterprises, it wasn’t always clear who controlled that loan. Now, the government is trying to clarify the situation. The Federal Housing Finance Agency, which oversees the mortgage-backing giants Fannie Mae... Read More

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