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Fannie Mae's new refinance program "RefiNow" is scheduled to launch June 5, available for qualifying homeowners with a Fannie Mae-owned mortgage. Low-income households could potentially save ...
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
It can be used by prospective homebuyers and real estate agents to search for Fannie Mae-owned properties that are available to be purchased. The condition of the homes available through HomePath ...
The Office of Fair Housing and Equal Opportunity (FHEO) is an agency within the United States Department of Housing and Urban Development.FHEO is responsible for administering and enforcing federal fair housing laws and establishing policies that make sure all Americans have equal access to the housing of their choice.
The plan has not passed. HARP 3.0 is expected to expand HARP's eligibility requirements to homeowners with non-Fannie Mae and non-Freddie Mac mortgages, including homeowners with jumbo mortgages and Alt-A mortgages, those whose original mortgages were stated income, stated asset, or both. [8]
Low-doc loans carry a higher interest rate and were theoretically available only to borrowers with excellent credit and additional income that may be hard to document (e.g. self-employment income). As of July 2010, no-doc loans were reportedly still being offered, but more selectively and with high down payment requirements (e.g., 40%). [4]
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