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).
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 […]
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 […]