Making Use of Fannie Mae Loan Mortgage Programs

At present, Fannie Mae loan mortgage programs are readily available to assist homeowners stop foreclosure using alternatives of short sales and deed in lieu or lower mortgage payments through mortgage refinance or loan modification. Additionally, programs exist to help individuals and investors purchase foreclosure properties at reduced rates.

In the past year, innovative Fannie Mae loan mortgage programs have been put into place to assist homeowners that are struggling to meet loan obligations. These include obtaining housing counseling through Fannie Mae Help Centers; Hardest Hit Fund; and Deed-for-Lease.

how to get a payday loan without a bank account, fast cash payday loan, cash advance payday loan,

The Hardest Hit Fund program is offered in 19 states and aims to assist property owners experiencing financial challenges due to unemployment or underemployment. The eligibility criterion differs in each state, so property owners will need to examine requirements before submitting their application.

Nearly every state participating in Hardest Hit Fund programs still have funds available to help homeowners. For instance, Florida Hardest Hit Fund received over $400 million in government assistance, yet has only used a little over $1 million.

The data collected regarding this program reveals that less than half of homeowners that apply for Hardest Hit Fund assistance are declined. Much of this stems from homeowners not understanding the process and failing to submit adequate documentation. A preventative measure is to talk with housing counselors either through HUD or Fannie Mae Help Centers before applying for assistance money.

HUD housing counseling is available in every state, while there are only a handful of Help Centers. However, property owners that don't reside near a physical office can obtain counseling by phone.

Fannie Mae is currently providing special military forbearance agreements to service members with Fannie Mae loans. Forbearance agreements temporarily reduce loan installments to help borrowers become current with their loan.

In most instances, forbearance agreements are in place for no longer than 6 months. Service members that qualify for the program might be able to extend agreements for an additional 6 months. Once the agreement expires, borrowers must remit the full amount of skipped payments.

The Deed-for-Lease program allows property owners to sign over the title to their lender using deed in lieu of foreclosure. Ordinarily, when deed in lieu is utilized property owners are required to immediately vacate the home. Property owners that qualify for this program are given the option to lease their house from the bank for at least 12 months.

The best source for learning about foreclosure prevention options is; a website created to assist property owners that are facing foreclosure.

Another popular foreclosure prevention program is Making Home Affordable. This government sponsored program was established by the Obama Administration in 2009 and offers several options to help people stay in their home or engage in foreclosure alternatives that eliminate mortgage debt.

Programs offered through Making Home Affordable include: loan modification, mortgage refinance, forbearance agreement, deferred payments, principal reduction of first and second mortgages, short sales, and deed in lieu of foreclosure.

While many Americans are trying to stop foreclosure, people are still buying houses. A good source for obtaining discount priced homes is Fannie Mae Homepath. This program was created to liquidate residential foreclosure homes owned by Fannie Mae.

In addition to discounted prices, Fannie Mae offers buyers the option to finance real estate through Homepath Mortgage. Incentives include low down payments, reduced interest, and additional funds to cover cost of repairs.

Prior to making offers on Homepath properties, buyers should investigate HUDs Neighborhood Stabilization Program (NSP) that offers grant money to people buying houses in areas with high foreclosure statistics. Home buyers can save thousands of dollars by combining NSP grants with Homepath Mortgage financing.

Whether you need foreclosure prevention assistance or want to save money buying houses, it can be advantageous to look into Fannie Mae loan mortgage programs first.

payday loan yes

Get Emergency Cash You Need! Bad Credit? No Problem! Fastest Approval. Get Cash Fast Today!

Rating of payday loan yes

Get Online Application at online payday loans.

Copyright © 2013. Bank Payday Loan
Support by Loanscash | Payday loanscash | icashloans apply