What is an allowable resale restriction per Fannie Mae?
Resale restrictions are a right in perpetuity or for a certain number of years, stated in the form of a restriction, easement, covenant, or condition in any deed, mortgage, ground lease, agreement, or other instrument executed by or on behalf of the owner of the land.
How does Fannie Mae refer to short sales in its selling guide for lenders?
Fannie Mae has its own set of guidelines regulating short sales of properties in which it holds the mortgage paper. In a short sale, a home sells for less than the amount owed the lender. Often, a short sale can avert foreclosure by the lender, which is usually going to write off the difference once it’s sold.
What is one requirement for originating conventional mortgage loans that are sold to Fannie Mae?
How to Apply for a Fannie Mae-Backed Mortgage. Homebuyers must also meet minimum credit requirements to be eligible for Fannie Mae-backed mortgages. For a single-family home that is a primary residence, a FICO score of at least 620 for fixed-rate loans and 640 for adjustable-rate mortgages (ARMs) is required.
Can you do a cash out refi after forbearance?
And you’re probably wondering what comes next. With mortgage rates near record lows, you may want to refinance. This could reduce your monthly payments and make your home loan more affordable. The good news is, refinancing after forbearance is generally allowed.
Can I sell my Fannie Mae home?
Fannie Mae does not directly sell homes; it only sell homes through real estate brokers. But buyer beware: Buying a Fannie Mae home is different than a traditional private sale. Fannie Mae’s homes are available to owner occupants as well as investors.
What does Property Condition Resale mean?
Resale are properties that are previously owned and re-selling not new. Foreclosures are properties that were previously owned and the owner failed to make the mortgage payments therefore the bank foreclosed took back the property. Resale is from a normal owner like if you was to own and sell a home.
What is the waiting period after a short sale for Fannie Mae?
4 Years 2 Years
New Fannie Mae guidelines for derogatory events
| Prior Fannie Mae Minimum | New Fannie Mae Minimum | |
|---|---|---|
| Short Sale | 4 Years | 2 Years |
| Bankruptcy | 4 Years | 2 Years |
| Pre-Foreclosure | 4 Years | 2 Years |
What does Fannie Mae consider extenuating circumstances?
Fannie Mae describes “extenuating circumstances” as follows: Extenuating circumstances are nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.
What does Fannie Mae sell?
At Fannie Mae, we provide liquidity to the single-family market by purchasing and guaranteeing mortgage loans made by our customers and issuing debt securities and mortgage-backed securities that attract global investors to finance U.S. housing.
Can Fannie Mae sell my loan?
For Fannie Mae and Freddie Mac to be able to re-sell loans, they need to be considered safe investments. That means each mortgage must meet certain requirements or “guidelines.” Fannie Mae guidelines run more than 1,200 pages.
Where can I get more information about Fannie Mae?
For a comprehensive list of resources such as forms, announcements, lender letters, notices and more. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.
What are the subparts of Fannie Mae quality control process?
It includes the following subparts: General Information on Execution Options and Loan Delivery, Whole Loan Transactions, Mortgage-Backed Securities (MBS). This part discusses the quality control process for lenders and Fannie Mae. It includes the following subparts: Lender QC Process, Fannie Mae QC Process.
What are the subparts of a Fannie Mae loan?
It includes the following subparts: Loan Application Package, Eligibility, Underwriting Borrowers, Underwriting Property, Unique Eligibility and Underwriting Considerations, Government Programs Eligibility and Underwriting Requirements, Insurance, Closing: Legal Documents.