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Fannie Mae Mortgage Guidelines

Fannie Mae mortgage guidelines keep on changing at regular time interval and borrowers and homebuyers are required to have some idea about these guidelines if they are thinking to get mortgage help from the government sponsored enterprise. Buyers may probably have to face some hurdles due to the recent changes in Fannie Mae mortgage requirements and guidelines for lending these programs. Knowing these new guidelines will allow the borrowers and homebuyers to make an informed approach.

Fannie Mae Mortgage Guidelines 2009

Fannie Mae, the second largest mortgage corporation in the country is rolling out fresh lending guidelines on September 1, 2009. These new lending guidelines may probably make it even more difficult to get loan approval on the part of the borrowers. These new lending rules also marks the first major underwriting updates after April of this year. Many of the new changes are mostly aimed at fraud prevention. The following are some updates of the new guidelines;
  • Stock options will no longer be eligible for reserves
  • Relocating families cannot use the trailing spouse's projected income
  • Tip income are also required to be verified and documented
  • Lender are also required to call employers to verify their employment
  • Moreover, the lenders must make verification for the tax transcripts against the IRS records.

Fannie Mae Home Affordable Guidelines

Fannie Mae has undertaken Home Affordable Modification and Refinancing Initiatives which are made available to its servicers and borrowers who are in financial hardship while making their mortgage payments. These two initiatives are specially designed to expand the number of homeowners and borrowers who can qualify to modify or refinance their mortgage program to make it more affordable in the future. Home Affordable Refinance offer some flexibilities for those homeowners whose loans are owned by the mortgage corporation. Homeowners thinking to refinance their existing Fannie Mae mortgage will no longer be required to buy new or additional home loan insurance if the loan is 80% of the home's value at the time of refinancing.

On the other hand, with the Home Affordable Modification program, Fannie Mae will work with loan servicers all over the country to help borrowers modify their current loan program into a mortgage which is more sustainable and affordable. Loan servicers participating in this program can reduce their interest rates, lengthen their payment time frame or take various other steps such as principle forbearance in order to bring monthly payments down to as low as 31% of the borrowers gross income. The main objective of this program is prevention of defaults and fraud with a stricter loan qualification process.
Fannie Mae
Fannie Mae has announced new guidelines for its affordable mortgage programs to make it even more easier for the low income borrowers to get suitable loan option. For further details, you can log on to the official website of the mortgage corporation.

WebSite: is the official website of the National Association of Realtors. Visitors can get a wide range of real estate and mortgage information including the mortgage guidelines announced by Fannie Mae.


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