|January 2018 (3)|
Fannie Mae Mortgage Loans: 3 Important Changes
Hancock Mortgage Partners, LLC
Information credited to USAToday.com
If you're shopping for a mortgage, these changes to Fannie Mae's rules could help you.
Fannie Mae is a government-sponsored organization that rose out of the ashes of the Great Depression with a mandate to help low-tomaderate-income borrowers find a mortgage. While that basic mandate hasn't changed, Fannie Mae made some significant updates in 2017 to its rules and guidelines.
1. Loan limits have gone up (finally) - For the first time since 2006, Fannie Mae raised its standard loan limit.
2. HARP has been replaced - The Home Affordable Refinancing Program, which has been Fannie Mae's refinance program since 2009, has been replaced by a new program that should make it considerably easier for homeowners to qualify for a refi.
3. Student loan guidelines have made it easier for borrowers to qualify
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