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Also, effective for single-family mortgages made after May 1, 2009, Freddie Mac seller/servicers must represent and warrant that the appraisal report is obtained in a manner consistent with the Code. Certain types of mortgages are excluded from the Code, including: FHA/VA mortgages, Section 184 Native American mortgages, and section 502 ...
In 1970, the federal government authorized Fannie Mae to purchase conventional loans, i.e. those not insured by the FHA, VA, or FmHA, and created the Federal Home Loan Mortgage Corporation (FHLMC), colloquially known as Freddie Mac, to compete with Fannie Mae and thus facilitate a more robust and efficient secondary mortgage market. [16]
This legislation established an "affordable housing" loan purchase mandate for Fannie Mae and Freddie Mac, and that mandate was to be regulated by HUD. Initially, the 1992 legislation required that 30% or more of Fannie's and Freddie's loan purchases be related to "affordable housing" (borrowers who were below normal lending standards).
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.
Types of loans: Fannie Mae and Freddie Mac make a market in conventional loans — mortgages originated and backed by private lenders — while Ginnie Mae solely focuses on government-agency ...
What’s the difference between Fannie Mae, Ginnie Mae, and Freddie Mac? Fannie Mae and Freddie Mac (also known as the FHLMC) are two separate entities. While both were established as government ...
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