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Fannie Mae and Freddie Mac, the two government-sponsored enterprises that underpin the U.S. mortgage market, have been under federal conservatorship since 2008. A renewed effort to take them ...
The guidelines made reserve studies mandatory for all newly converted, non-gut rehabilitation condominium developments to be eligible Fannie Mae project approval. [18] All other types of condominiums have the option to submit a compliant reserve study or must add a budget line item for reserves equal to 10% of the yearly assessment income.
Fannie Mae has quietly scrapped a plan that could have saved Americans thousands of dollars in housing costs, according to multiple reports. With the objective of making housing more affordable ...
There are only a handful of restrictions an HOA cannot enforce. No clause in an HOA agreement can negate federal, state or local law. Federal law prohibits regulations that prevent: Flying of U.S ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
Freddie Mac/Fannie Mae Phase I Environmental Site Assessments are two specialized types of Phase I ESAs that are required when a loan is financed through Freddie Mac or Fannie Mae. The scopes of work are based on the ASTM E1527-05 Standard but have specific requirements including the following: the percent and scope of the property inspection ...
Ryan Poliakoff and Gary Poliakoff are co-authors of New Neighborhoods—The Consumer’s Guide to Condominium, Co-Op and HOA Living. Email your questions to condocolumn@gmail.com. Please be sure ...
This entity takes the borrower's information and reviews a number of lenders, selecting the ones that will best meet the needs of the consumer. [3] Origination is regulated by laws including the Truth in Lending Act and Real Estate Settlement Procedures Act (1974). Credit scores are often used, and these must comply with the Fair Credit ...