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Conventional 97 mortgage: This conventional loan, backed by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, requires just 3 percent down and a minimum credit score of 620.
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 ...
Conventional loan modification: If you have a conventional mortgage backed by Fannie Mae or Freddie Mac, you might be eligible for the Flex Modification program, which can reduce your monthly ...
There usually exists a large difference between the rate at which it can borrow and the rate at which it can 'lend'. This was called "The big, fat gap" by Alan Greenspan. By August 2008, Fannie Mae's mortgage portfolio was in excess of $700 billion (equivalent to $972,800,000,000 in 2023). [60]
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 ...
Fannie Mae standard home loans also let you purchase with just 3% down as long as at least one borrower is a first-time homebuyer. Standard loans have no income limits. Down payment required: 3% ...
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