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Fannie Mae Programs |
All the Fannie Mae programs ever introduced since the establishment of the mortgage corporation are meant to help the home buyers and homeowners residing in diverse parts of United States. Fannie Mae has designed and implemented a number of mortgage modification and refinance programs specially for the homeowners who are on the verge of losing their homes on foreclosure. The following are some of the most popular loan programs implemented by the leading mortgage corporation in the country.
Home Affordable Modification Program
It is an important part of the Making Home Affordable Program announced on March 4, 2009 under the new administration of Barack Obama. Home Affordable Modification Program is a special type of mortgage modification process in which, homeowners who are already in default, at risk of default, or in foreclosure can get their loan programs modified to a more affordable loan term having flexible repayment conditions. With this modification program, borrowers can get a monthly repayment amount of 31% of their total monthly income.
Fannie Mae DU Refi Plus Program
Fannie Mae Desktop Underwriter Refi Plus Program is also a part of the Making Home Affordable Program. With this mortgage refinancing program, Fannie Mae hopes to prevent unnecessary foreclosure of homes by lowering the monthly mortgage payments for millions of potential homeowners. DU Refi Plus Program will help at-risk homeowners to stabilize their financial condition. With this new program, Fannie Mae and its lending partners will now convert the riskier loan terms (Adjustable-rate loans) of the borrowers into more stable and affordable loan programs (Fixed-rate loans). This will help the homeowners to take the advantage of the low mortgage rates prevailing in the nation.
Fannie Mae Making Home Affordable Program
The Obama administration in collaboration with Fannie Mae announced the Making Home Affordable Program in March, 2009. This program is specially designed to help those millions of homeowners who are likely to lose their homes on foreclosure. In this program, a homeowner facing foreclosure, the mortgage lender and the investor holding the mortgage will work together to lower the monthly payment of the borrower and prevent the foreclosure.
Under this program, Fannie Mae have introduced the modification and refinance programs that we have already discussed above.
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