Search results
Results from the WOW.Com Content Network
The Freddie Mac guidelines for student loans are similar to Fannie Mae’s, save for one key difference: If your loans are in forbearance or deferred, or your payment is otherwise documented as $0 ...
Other guidelines include borrower's loan-to-value ratio (i.e. the size of down payment), debt-to-income ratio, credit score and history, documentation requirements, etc. [3] In general, any loan that does not meet guidelines is a non-conforming loan. A loan that does not meet guidelines specifically because the loan origination amount exceeds ...
Student loan deferment is an agreement between the student and lender that the student may reduce or postpone repayment of a student loan for a designated period. [1] Deferment or forbearance [ 2 ] will prevent the loan from going into default , but may increase the overall cost of the loan. [ 3 ]
Fannie Mae and Freddie Mac will only purchase conforming conventional loans. A non-conforming loan doesn’t conform to these standards, so Fannie and Freddie won’t buy it from the lender.
Ginnie Mae is similar to Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) with the difference being that Ginnie Mae is a wholly owned government corporation whereas Fannie Mae and Freddie Mac are "government-sponsored enterprises" (GSEs), which are federally chartered corporations ...
Fannie Mae and Freddie Mac also have slightly different requirements for the mortgages they purchase. In both cases, Fannie and Freddie loans must be conforming loans , or adhere to these ...
Fannie Mae's foreclosure prevention efforts have generally been made available to a borrower only after a delinquency occurs. Under Fannie Mae's new guidance, loan servicers can use foreclosure prevention tools to assist distressed borrowers when a borrower demonstrates the need. As noted above, these guidelines apply to borrowers who are still ...
For starters, Fannie Mae or Freddie Mac must own your loan, which means it must be a conventional loan. If you have a government-backed loan like an FHA, VA or USDA loan, those programs have ...