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Fannie Mae just released new guidelines, making it more difficult for potential buyers in declining areas to take out a mortgage on a condo. RTT News reports: “Fannie Mae has halted mortgage guarantees in condo buildings where fewer than 70% of the units have been sold compared to the earlier 51% benchmark. Additionally, loans for sales [...] [...more]
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In order to qualify for the federal Making Home Affordable refinancing program, you must have a Fannie Mae or Freddie Mac mortgage. But, how can you tell if you meet this requirement? The easiest way to find out is to pick up a phone and call your lender. They should be able to look up your [...] [...more]
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Under the new Homeowner Affordability and Sustainability Plan, a whopping 9 million Americans may be able to refinance with lower rates and incentives for paying on time. Although the complete details won’t be available until the beginning of March, the White House just released their preliminary plans. Basically, there are two groups of people the foreclosure [...] [...more]
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If you cannot meet conforming lending guidelines (such as a down payment and a high credit score), you may still be able to take out a non-conforming mortgage from a traditional lender. Taking out a non-conforming mortgage is almost always more expensive than taking out a traditional loan. However, it can be much cheaper than [...] [...more]
