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Because Alt-A loans are also the financing of choice for most non-owner occupied, investment properties, as a class they represent a far greater likelihood of borrower default than conventional, conforming mortgages, since people are more likely to abandon a property in which they do not live than they are to risk losing their primary homes. As ...
Similar to Fannie Mae’s HomeReady program, Freddie Mac’s HomePossible program has similar terms. One big distinction: It allows non-occupying co-borrowers to contribute funds to the 3% down ...
HARP 2.0 refinancing is allowed on all occupancy types: primary residence (owner-occupied), second home, or investment (rental) property. However, HARP 2.0 refinancing of investment properties by Fannie Mae and Freddie Mac has higher mortgage rates than for owner-occupied properties.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company.
Non-conforming loans are mortgages that aren't eligible for sale to Fannie Mae and Freddie Mac, the two government-sponsored enterprises that back much of the U.S. mortgage market.
An FNMA loan, aka a conforming loan or Fannie Mae-backed mortgage, is a loan or mortgage that has been sold to the Federal National Mortgage Association (FNMA, or Fannie Mae) — or one that meets ...
If little or no credit exists for the applicants, the FHA will allow a qualified non-occupant co-borrower to co-sign for the loan without requiring that person to reside in the home with the first time homebuyer. The co-signer does not have to be a blood relative. This is called a Non-Occupying Co-Borrower. [25]
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.