fannie mae loan qualifications

Fannie Mae (officially the Federal national mortgage association, or FNMA) is a government-sponsored enterprise (GSE) – that is, a publicly traded company which operates under Congressional charter – that serves to stimulate homeownership and expand the liquidity of mortgage money by creating a secondary market.

If Fannie Mae or Freddie Mac own your loan, you might qualify for a Flex Modification, which is a special loan modification program. Under this program, the loan servicer takes a series of steps, which may include lowering the interest rate and/or extending the term of the loan, to lower your monthly payments.

For determining Fannie Mae loan eligibility, lenders must refer to the AMIs that Fannie Mae uses in Desktop Underwriter or on Fannie Mae’s website, and may not rely on other published versions (such as AMIs posted on huduser.org).

fha approval for condo The condo complex must be approved by FHA. This requires an extensive package of documents sent to and approved by FHA. Searching the FHA Approved Condo List. Before you make an offer on a condo, you need first visit FHA’s website that lists currently approved condominium projects. Try searching by the condo’s name first.

Fannie Mae Homepath. The Fannie Mae Homepath loan is a defunct mortgage program which reduced the cost of purchasing a foreclosed property for either personal use, or to "flip" for profit.

Mortgage seekers may be told they must meet the requirements of Fannie mae. fannie mae, which stands for the Federal National Mortgage Association, does not do direct loans to borrowers, but it does provide money to the "secondary market," or lenders.

Debt paid by others Fannie Mae has widened borrower eligibility by excluding from the borrower’s debt-to-income ratio any non-mortgage debt, such as credit cards, auto loans, and student loans, that.

Find out how to qualify for Conventional or Conforming mortgages backed by Fannie Mae and Freddie Mac. What makes conventional loans better than others.

Fannie Mae, the commonly used nickname for the Federal National Mortgage Association, is a government-sponsored enterprise, or GSE, with the mission of bringing liquidity, stability and.

Assets with Level I green certifications will potentially qualify for a greater price breaks than assets with a Level II or Level III green certifications. Fannie Mae’s decision to increase delegation.

Fannie Mae and Freddie Mac, the country’s two main mortgage rule-making agencies, now allow home purchases with just a 3% down payment. The 97% loan-to-value (LTV) purchase program allows homebuyers to purchase a single family home, condo, co-op, or PUD without coming up with a full 5% down payment as previous guidelines mandated.

mortgage affordability calculator debt to income ratio And also monthly mortgage insurance and HOA dues if applicable. The mortgage affordability calculator will spit out the loan amount (finance amount) and the total purchase price you can afford based on a debt-to-income ratio (DTI ratio) of 28/36 for medium credit and 36/42 for good credit.