Tag Archives: Fannie Mae

Property Map For HomeReady Mortgage Program

According to Fannie Mae, the HomeReady program was “designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.” This program offers another avenue for lending. To check a property’s eligibility, click on the map below, which is a tool offered by Fannie Mae.

Whether you’re a real estate agent, home shopper or someone looking to refinance his or her mortgage, feel free to call us (813-707-6200) if you have any questions about  Fannie Mae’s HomeReady program. We will be glad to answer your questions.

Fannie-Mae-Home-Ready-Map---Florida

Fannie Mae Updates Bankruptcy and Foreclosure Guidelines

The Fannie Mae Selling Guide has been updated to indicate that if a mortgage debt has been discharged through bankruptcy – even if a foreclosure action is subsequently completed to reclaim the property in satisfaction of the debt – anybody who wants to refinance or finance the purchase of real estate is held to the bankruptcy waiting periods and not the foreclosure waiting period.

In such a case, we will obtain documentation to verify that the mortgage debt in question was in fact discharged as part of the bankruptcy. We have helped many clients in this situation. Call 813-707-6200 if you’re interested in a home and are in this situation.