Fannie Mae CEO Tim Mayopoulos stepping down within days – · For the first time in more than six years, Fannie Mae will soon be run by someone other than Tim Mayopoulos. Back in July, fannie mae announced that Mayopoulos planned to step down.
New FHA Alternative Boosts Low Down-Payment Options – The more conservative underwriting guidelines for Fannie Mae gift-funded down payments aim to ensure only qualified applicants receive these loans. Credit scores of 720 or higher (versus minimum.
New Rules from Fannie Mae Change the Game for Condo. – In June of 2018, Fannie Mae announced significant changes to their guidelines regarding the review of condos. The government-backed company will now allow a limited review for the purchase or refinance of a condo unit if the borrower can bring a 25% down payment.
Low-down-payment mortgages are back – Other differences between the new 3% down Fannie Mae/Freddie Mac mortgages and 3.5% down FHA loans FHA loans have less strict financial requirements for borrowers than conventional Fannie/Freddie.
Fannie Mae Guidelines for Calculating Student Loan Deferment. – Fannie Mae has their guidelines, which are somewhat flexible, but some lenders prefer to use only the maximum student loan payment for DTI.
In comparison to other types of loans that have zero down payment or a low down payment, the interest rates on Fannie Mae HomePath loan are typically higher. Possible Maximum Income Limits Based on your location, some buyers may be subject to maximum income limits for the Fannie Mae HomePath loan.
How to buy a Fannie Mae Approved Condo with just a 3% down Payment. Most conventional loans will require between 5% – 20% down. However, there is a program you may have never heard of called the Conventional 97.
97% LTV Options – Fannie Mae – Down Payment Resource This free online tool may help identify sources of down payment assistance for your borrowers. This is a third-party website that is not managed or backed by Fannie Mae.
Expanded 97% LTV Options – Fannie Mae – NOTE: This table summarizes the differences between the HomeReady and fannie mae standard 97% LTV options. All HomeReady or Fannie Mae Standard requirements apply per the selling guide. definitions ami: area median income . First-time home buyer: An individual is to be considered a first-time home buyer who (1) is purchasing the security
Low Down Payment Mortgage Options & Assistance | Know Your. – Learn about Low Down Payment Mortgages. Fannie Mae recently announced 3% down payment mortgages to help first-time homebuyers who can’t afford a large down payment but would otherwise qualify for a mortgage. First-time homebuyers interested in this option should ask their lender about the program and discuss the eligibility requirements.