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Ironically, the so-called “unavailable list” of properties that do not qualify for Fannie Mae is unavailable for public inspection. As a result, owners, buyers, sellers, associations, mortgage ...
The FHFA announced in October 2022 plans to use two (bi-merge) instead of three (tri-merge) credit reports to determine a buyer’s effective credit score when applying for a mortgage from ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
For starters, Fannie Mae or Freddie Mac must own your loan, which means it must be a conventional loan. If you have a government-backed loan like an FHA, VA or USDA loan, those programs have ...
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
Additionally, Fannie Mae and Freddie Mac provided similar deals to low-income borrowers including loans with LTV ratios exceeding 90 percent of the property's value. As lending standards continued to relax, LTV ratios extended to 107 percent which reflected home buyers rolling application and origination fees onto their mortgage loans.
The Federal Housing Administration (FHA) offers mortgages with a minimum down payment of 3.5% — but, unlike Fannie Mae, there’s a mandatory self-sufficiency test for those buying 3-4 unit ...
"Over the past decade Fannie Mae and Freddie Mac have reduced required down payments on loans that they purchase in the secondary market. Those requirements have declined from 10% to 5% to 3% and in the past few months Fannie Mae announced that it would follow Freddie Mac's recent move into the 0% down payment mortgage market." [153]
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