Tag: <span>#FannieMae</span>

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IS AN APPRAISAL NEEDED WHEN APPLYING FOR A MORTGAGE?

An appraisal may not be needed when applying for a mortgage. How can you get an appraisal waiver? Generally, an appraisal is needed to get a home loan, but, there are instances where this requirement is waived. Most home loans are sold to Fannie Mae or Freddie Mac. When underwriting these loans, they are submitted...

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APPLICATION QUALIFICATIONS FOR A MORTGAGE LOAN

An adult, pursuant to that state’s laws, can apply for a for a mortgage loan. According to Fannie Mae, “borrowers who are natural persons and have reached the age at which the mortgage note can be enforced in the jurisdiction where the property is located” can apply; there is no maximum age limit for a...

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WHAT ARE FANNIE MAE AND FREDDIE MAC?

You may have heard of Fannie Mae and Freddie Mac. What are they, and how do they affect mortgages? Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are Government Sponsored Enterprises (GSE). They are quasi-governmental entities that were established to enhance the flow of credit in the housing industry....

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HOME MORTGAGE DISCLOSURE ACT

You may be asked to provide more information regarding your race and ethnicity when applying for a mortgage loan. Pursuant to the Home Mortgage Disclosure Act (HMDA), lenders collect this information to ensure applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. Applicants are asked their demographic information...