Whether you are thinking about applying for a new mortgage to purchase a home or you have plans to refinance your home, you may be wondering if Fannie Mae loans are right for you. These are a unique type of financing option that is known for having competitive interest rates and great loan terms, but some of the rules and requirements for Fannie Mae financing has been rather restrictive. The good news for homeowners and home buyers is that some recent updates to these programs have made the programs more attractive and beneficial than they were in the past. At MortgageDepot, we are a New York mortgage broker that specializes in helping our clients achieve financing goals, and we can help you to learn more about the updates.
If you have plans to refinance an existing mortgage, you may be pleased to learn that you no longer will be required to close accounts that you pay off with your home equity. In addition, there are standard reserve requirements for a conversion of your principal residence.
For purchase loans, you can now use stocks, bonds and mutual funds as a source of liquid assets for the down payment or closing costs. There is also more flexibility with regards to unreimbursed business expenses and how they are calculated for underwriting qualification.
Each of these rules has made the Fannie Mae programs rather undesirable for some borrowers in the past. In some cases, they have made some borrowers ineligible for the programs. These revisions may have beneficial impacts on your loan request, and you may learn more about special rules regarding the program when you contact MortgageDepot for assistance.
Whether you choose to apply for a mortgage loans or you are still trying to decide which loan program to apply for, you can speak with our loan specialists for personalized assistance. We can learn more about your unique financing needs and goals, and we can help you to determine if our streamline program or another program is best for you. We can also walk you through the pre-qualification process so that you can learn more specifically about the loan amount and terms that you may qualify for. Call us today, If you are ready to learn more about our niche mortgages and other financing solutions we offer.