Do you have to tell du that Fannie Mae owns your home?
Do you have to tell du that Fannie Mae owns your home?
The lender must inform DU that Fannie Mae owns the existing mortgage using the Owner of Existing Mortgage field in the online loan application before submitting the loan to DU. Note: This requirement does not apply if the CLTV exceeds 95% only due to a Community Seconds loan.
Why was Fannie Mae spun off from the government?
It was designed to help re-start the housing market after the Great Depression. Because Fannie was started by the government, it’s known as a “government-sponsored enterprise” or GSE. Fannie Mae was spun off to shareholders in 1968 and is now listed in the over-the-counter stock exchange.
What are the guidelines for a Fannie Mae loan?
In short, Fannie Mae and Freddie Mac’s loan guidelines are often less strict than borrowers might believe. A Fannie Mae program with lots of exceptions to the usual guidelines is the HomeReady mortgage. Rather than 5% down you can qualify for the HomeReady program with just 3% up front. Need more income to qualify?
Is the transaction eligible for delivery to Fannie Mae?
The transaction is not eligible for delivery to Fannie Mae when the subject property is listed for sale at the time of disbursement of the new mortgage loan. See also B2-1.3-04, Prohibited Refinancing Practices . The following are acceptable in conjunction with a limited cash-out refinance transaction:
