Are you thinking of buying a condo in a newly constructed building? Plan to get an FHA loan for the purchase? If so, you should beware that Fannie Mae has tightened credit for buyers of condominiums. You may recall from earlier posts that Fannie Mae is one of the largest players in the secondary mortgage… Read more
So, my last post may have caused you to wonder just who are Fannie and Freddie. Fannie Mae and Freddie Mac are America’s two largest mortgage companies. There names are acronyms for their official names: the Federal National Mortgage Association (Fannie) and the Federal Home Loan Mortgage Corporation (Freddie). The two are key players in… Read more
On April 1st, Fannie Mae and Freddie Mac are increasing down-payment rules. The upcoming changes are as follows: Condo buyers with down payments of less than 25 percent will be charged a three-quarter point add-on penalty regardless of their credit score Buyers of multi family units, where one unit is owner-occupied and the other is rented,… Read more
