Tag: fannie mae

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Great News For Home Buyers

Fannie Mae, the country’s largest mortgage money source, will soon be easing its debt-to-income restrictions. This change has the potential to open the door to many new buyers who were previously unable to qualify. The DTI ceiling will be raised from its current 45 percent to 50 percent on July 29.

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Will Luxury Real Estate Flourish in 2017? The Experts Say Yes

There are several reasons to believe that the luxury real estate market will make strides in 2017.

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What You Should Give The First Time Home Buyer In Your Life For Christmas This Year

Mortgage lenders allow financial gifts to first time home buyers that can be used towards the down payment on a home. These gift funds are a valuable tool for first time home buyers and may be used for conventional loans, FHA, USDA type loans, and even VA. However, they are most commonly seen paired with conventional and FHA type loans. In fact, many first time home buyers are happy to learn that FHA gift funds can reduce their required cash to zero!

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Mortgage Types

FHA Mortgage – Offers low down payments and is backed by the U.S. Government. –

USDA Mortgage – Zero down payment mortgage available in rural areas. –

Conforming mortgage – Mortgages which meet the guidelines of Freddie Mac and Fannie Mae offer down payments as low as 3%.