• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Home Mortgage Financing

Fannie Mae Introduces Enhanced Affordable Mortgage Program That May Be A Game Changer For You!

After much research and feedback from lenders as well as home buyers, Fannie Mae has announced that it will provide an enhanced affordable lending product designed to meet the financial needs of responsible, credit-worthy buyers.  

Fannie has recognized the many financial challenges many would-be homebuyers are facing.  Many can't afford a large down payment, they may have multiple student loans, and/or they may rely on income from non-traditional sources, such as parents or other family members.  These factors have impacted the ability of a lot of people from qualifying for a mortgage.  Well, that may be about to change . . . perhaps for YOU!

The new program, called the HomeReady™ Mortgage, will be available from lenders later this year, and will offer expanded eligibility guidelines which will be real game changes for a lot of people who could not previously qualify for a mortgage:

More Home Buyers Financing With Non-Bank Lenders

According to the Federal Reserve, an increasing number of home loans are being done by non-bank lenders . . . independent mortgage companies, such as Quicken Loans, Loan Depot, and other large and small nondepository lenders. 

Independent mortgage lenders tout their ability to complete transactions online, and in some cases the borrower may not even need to speak to a loan officer.  They also claim to offer more flexibility in the types of loans they offer.

Banking institutions, on the other hand, may be able to offer better rates and closing costs than independent mortgage companies based on the length of account history and amount of holdings.

Have Your Eye on a Fannie Mae HomePath Property?

Would you spend 4-1/2 hours and $75 for a homebuyer education course if doing so would save you 3% on closing costs?  This equates to $4,500 on a $150,000 house.

Fannie Mae has a new program to help buyers save money at closing when they purchase a Fannie Mae HomePath listing, which is a foreclosed home owned by Fannie Mae.  Under the program, qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance and reimbursement of the $75 cost of the homebuyer education course at the time of closing.

The homeownership education course, which contains nine, thirty-minute sessions, is entirely online and covers both the complexities of home buying and the responsibilities of owning a home.  To be eligible for the closing cost assistance and the reimbursement of the training cost: