subject: Enthusiasm among the homeowners due to Fannie May's new guideline [print this page] Enthusiasm among the homeowners due to Fannie May's new guideline
Recently Fannie May released a new guideline for home loans which is more flexible than that of the previous ones. The new guideline brought enthusiasm among potential home buyers who feel that it will now be easier to get a loan for their homes.
Fannie Mae is an organization, that was created in 1938, helps people across America to buy their home. It was set up with supervision of President Franklin D. Roosevelt and since its birth, it tried to help families across the country in buying homes by providing mortgage. The company also helps people to get loans during economic hardships.
The first change in the new guideline is that, Fannie Mae will from now on allow borrowers to refinance up to 120% of their home value if they are currently paying their mortgages on time. This proves to be great news for those families who pay their mortgage in time and are responsible enough to see that the whole payment process goes smoothly.
Under the new guideline, Fannie Mae will buy new jumbo-conforming loans at the same price that they bought other conforming loans in 2010. For mortgage borrowers this will prove to be an enormously beneficial. Everyone dreams about owning a property on a posh urban area where their kids can to go to a well reputed school and have a great community to live in. This new rule will allow them to fulfill their dreams. These new rules will also make the price difference' almost extinct and will allow people to own a home even in diverse situations.
Fannie Mae is renewing and expanding their partnership with the state Housing Finance Agencies to provide $10 billion in financing for qualified first-time home buyers. This means that the real estate market across the country including Western NY and Rochester will be seeing new buyers very soon.
Fannie Mae also announced to be teaming up with the Self-Help Credit Union, one of their longtime partners, in order to help families in hard-hit real estate markets get into foreclosed properties through a rent-to-own program. This move will allow communities to grow even bigger.
