fanniemae

More homeowners and homebuyers can hope for appraisal-free transactions as Fannie Mae’s property inspection waiver is in full swing. Approvals on conventional loans with no appraisal are expected to climb, reducing the costs and time it takes to get a mortgage. An appraisal is a staple in any refinance or purchase transaction. Lenders normally require it to ensure the home’s value as collateral for the loan...

Fannie Mae has unveiled three big changes to how conventional loans are underwritten via Desktop Underwriter® Version 10.1. These new policies are meant to bring homeownership closer to borrowers with student loans or at least, reduce their student debt via a refinance. “We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortg...

Have you fallen in love with a home that won’t pass Fannie Mae standards for financing? Maybe it needs some renovations to bring it up to code. If you don’t have the cash lying around to pay for the home, you may think you’re out of luck. Compare Offers from Several Mortgage Lenders. There is a program that can help you and it’s a Fannie Mae product. It’s the Fannie Mae HomeStyle loan. This first mor...

It’s not everyday that a home is sold in a month or less. Some properties remain unsold on the Multiple Listing Service (MLS) for six months. What if a homeowner has a change of heart and decides to do a cash-out refinance instead? What about the usual cash-out seasoning period? Existing guidelines across most loan programs would say no. They are generally clear about a home not being listed for sale befor...

Recent derogatory events on your credit report increase your risk of defaulting on a loan in the future. This is especially true if you take out a new mortgage. Because of this, Fannie Mae has a specific waiting period you must go through before you can secure a conventional loan. Compare Offers from Several Mortgage Lenders. The type of derogatory event that you experienced will determine just how long you hav...