Search results
Results from the WOW.Com Content Network
These low-down payment loans include the: Conventional 97 mortgage: This conventional loan, backed by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, requires just 3 percent ...
Fannie Mae buys loans from approved mortgage sellers and securitizes them; it then sells the resultant mortgage-backed security to investors in the secondary mortgage market, along with a guarantee that the stated principal and interest payments will be timely passed through to the investor.
The loans were given at 6% interest on a 25-year repayment plan. [ 1 ] In 2011, the urban poor organization Kalipunan ng Damayang Mahihirap (Kadamay, or Federation of Mutual Aid for the Poor) stated that the Community Mortgage Program fails to address the needs of urban poor residents, many of whom do not have a stable income to repay their loans.
Mortgage loan financing relies more on secondary mortgage markets and less on formal government guarantees backed by covered bonds and deposits. [8] [9] Prepayment penalties are discouraged by underwriting requirements of large organizations such as Fannie Mae and Freddie Mac. [8] Mortgages loans are often nonrecourse debt, unlike most of the ...
FHA loans: FHA loans, insured by the Federal Housing Agency (FHA), have more flexible financial requirements than conventional loans. They require a 3.5 percent down payment, a credit score of at ...
Selling loans: Mortgage bankers can also sell your mortgage or the rights to service your mortgage on the secondary market. Mortgage bankers do this to free up more capital to make more loans to ...
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
FHA loans: Insured through the Federal Housing Administration, FHA loans have more lenient credit score and DTI ratio requirements than conventional mortgages. The minimum down payment is 3.5 percent.