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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 ...
Aside from reduced documentation features, Alt-A guidelines usually also offer borrowers greater flexibility than agency guidelines concerning borrower credit scores, income and asset levels. Thus a borrower whose financial profile might not meet agency guidelines for the loan terms requested might still be eligible under Alt-A guidelines.
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.
"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]
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 ...
Fannie Mae does not sell mortgages directly to consumers, but it does offer different loan products (obtained through approved lenders) and also provides counseling networks, educational services ...
The most current incarnation of the URAR is the Fannie Mae Form 1004 [1] updated for March 2005. It is considered a full appraisal with all three approaches to value, cost approach, sales comparison approach, and income approach. [2]
The SMP eligibility criteria include: Conforming conventional or jumbo conforming mortgage loans originated on or before January 1, 2008; At least three payments past due; The loan is secured by a one-unit property that is the borrower's primary residence; Current mark-to-market loan to value (LTV) of 90 percent or more; and
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