Fannie Mae made a change that will substantially help those who have student loans qualify for a mortgage. Previously, 1% of the loan balance counted against the borrower (e.g., $50,000 in student loans = $500 for monthly debt). Continue reading Fannie Mae Makes Change To Student Loan Calculation
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.
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.