Loan Level Pricing Adjustments & Credit Bank Changes- What You Need To Know

On May 1, Fannie Mae and Freddie Mac made changes to loan-level pricing adjustments (LLPAs) that have been applied to conventional loans since the Great Recession. Most conventional mortgages that lenders want to sell to Fannie and Freddie will now be subject to the new fees. The fees don’t apply to first-time homebuyers with qualifying income that’s […]

MEET FANNIE MAE AND FREDDIE MAC

Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to […]

FHA to Cut Mortgage Insurance Premiums: White House

From NY Times.com – January 7, 2015 WASHINGTON — The Federal Housing Administration will reduce annual mortgage insurance premiums by 0.5 percentage point to 0.85 percent from 1.35 percent, the White House said on Wednesday. President Barack Obama will discuss the action in a speech in Phoenix on Thursday. The premium cut is the […]

Fannie Mae, Freddie Mac detail plans for 3% down-payment mortgages

By: Dina ElBoghdady, The Washington Post Some first-time home buyers will get a break on their downpayments through programs announced Monday (Dec.8) by mortgage giants Fannie Mae and Freddie Mac as the firms try to jump-start the housing market by making it easier for more borrowers to get a mortgage. Fannie and Freddie will soon allow […]

Fannie Mae offering cash incentives to some home buyers

By Kenneth R. Harney, LA TIMES To reduce its inventory of foreclosed homes, Fannie offers qualified owner-occupant purchasers cash incentives toward closing costs of 3.5% of the purchase price. If you’re planning to shop for a home in the next few weeks, here’s an early spring buying season come-on that just might save you some […]

Borrower’s Guide to Mortgage Settlement

Thanks to Ronald D. Orol of MarketWatch for this info on the recent settlement. The record $26 billion foreclosure-abuse settlement that states and the Obama administration reached last week with five big banks is being billed as a program that will help more than 1 million U.S. homeowners. The funds are being allocated to a number […]