Fannie Mae Loan Mortgage Programs Help Homeowners Prevent Foreclosure
There are several Fannie Mae loan mortgage programs available that help people purchase residential homes and investment properties; engage in foreclosure prevention strategies like deed in lieu and short sales; and alter loan terms using loan modification and mortgage refinance.
In recent months, new Fannie Mae loan mortgage programs have been implemented to help homeowners affected by the foreclosure crisis. These programs include Deed-for-Lease, Hardest Hit Fund, and Fannie Mae help centers that offer housing counseling.
Currently, 19 states offer Hardest Hit Fund programs that aim to help homeowners in financial crisis because of unemployment. Eligibility requirements vary by state, so homeowners need to review details prior to applying for funds.
Many people aren't aware of Hardest Hit Fund programs so many states still have available funds. For example, Florida Hardest Hit Fund obtained over $400 million, but less than $1 million in assistance has been offered thus far.
Data that has been gathered shows that about 50 percent of people applying for Hardest Hit Fund programs are denied help. Homeowners that need mortgage help may find it helpful to obtain HUD housing counseling or setup a meeting with Fannie Mae housing counselors through the mortgage help centers.
Although there are just a few Fannie Mae help centers that offer counseling in-person, homeowners can still get help by phone by calling centers located near their home. A list of mortgage help centers is provided at KnowYourOptions.com; a website established by Fannie Mae to help homeowners obtain foreclosure assistance.
Making Home Affordable is another foreclosure prevention program offering assistance to homeowners with Fannie Mae loans. This government-sponsored program provides several options for altering mortgage terms, as well as foreclosure alternatives.
Making Home Affordable programs include: mortgage refinance, loan modification, principal balance reduction for first and second lien mortgages, deferred payments, real estate forbearance, real estate short sale, and deed in lieu of foreclosure.
Fannie Mae offers a special military forbearance to service members that have Fannie Mae loans. Forbearance plans are used to temporarily reduce or suspend loan payments. In most cases, payments are altered for a maximum of 180 days. However, service members can obtain up to an additional 180 days if they qualify for this program.
Fannie Mae's Deed-for-Lease program lets homeowners transfer their property title back to the bank using deed in lieu of foreclosure. Normally, when deed in lieu is used homeowners have to vacate the premises. Under this program, homeowners are allowed to lease their home from the bank for 12 months or longer.
People that want to buy a house should consider looking into the Fannie Mae Homepath program. Homepath was developed to eliminate the excess inventory of residential bank owned homes. These houses were repossessed through foreclosure or returned to banks using deed in lieu.
Not only are housing prices lower, Fannie Mae Homepath also offers special financing that require minimal down payments. Since many of the houses offered for sale through Homepath are situated in areas with high rates of foreclosure it can be beneficial to research HUDs Neighborhood Stabilization Program.
NSP offers home buying grants to individuals and real estate investors that are buying houses in areas hit hard by foreclosure. Buyers can save a substantial sum of money by combining NSP grants with Fannie Mae Homepath financing.
In recent months, new Fannie Mae loan mortgage programs have been implemented to help homeowners affected by the foreclosure crisis. These programs include Deed-for-Lease, Hardest Hit Fund, and Fannie Mae help centers that offer housing counseling.
Currently, 19 states offer Hardest Hit Fund programs that aim to help homeowners in financial crisis because of unemployment. Eligibility requirements vary by state, so homeowners need to review details prior to applying for funds.
Many people aren't aware of Hardest Hit Fund programs so many states still have available funds. For example, Florida Hardest Hit Fund obtained over $400 million, but less than $1 million in assistance has been offered thus far.
Data that has been gathered shows that about 50 percent of people applying for Hardest Hit Fund programs are denied help. Homeowners that need mortgage help may find it helpful to obtain HUD housing counseling or setup a meeting with Fannie Mae housing counselors through the mortgage help centers.
Although there are just a few Fannie Mae help centers that offer counseling in-person, homeowners can still get help by phone by calling centers located near their home. A list of mortgage help centers is provided at KnowYourOptions.com; a website established by Fannie Mae to help homeowners obtain foreclosure assistance.
Making Home Affordable is another foreclosure prevention program offering assistance to homeowners with Fannie Mae loans. This government-sponsored program provides several options for altering mortgage terms, as well as foreclosure alternatives.
Making Home Affordable programs include: mortgage refinance, loan modification, principal balance reduction for first and second lien mortgages, deferred payments, real estate forbearance, real estate short sale, and deed in lieu of foreclosure.
Fannie Mae offers a special military forbearance to service members that have Fannie Mae loans. Forbearance plans are used to temporarily reduce or suspend loan payments. In most cases, payments are altered for a maximum of 180 days. However, service members can obtain up to an additional 180 days if they qualify for this program.
Fannie Mae's Deed-for-Lease program lets homeowners transfer their property title back to the bank using deed in lieu of foreclosure. Normally, when deed in lieu is used homeowners have to vacate the premises. Under this program, homeowners are allowed to lease their home from the bank for 12 months or longer.
People that want to buy a house should consider looking into the Fannie Mae Homepath program. Homepath was developed to eliminate the excess inventory of residential bank owned homes. These houses were repossessed through foreclosure or returned to banks using deed in lieu.
Not only are housing prices lower, Fannie Mae Homepath also offers special financing that require minimal down payments. Since many of the houses offered for sale through Homepath are situated in areas with high rates of foreclosure it can be beneficial to research HUDs Neighborhood Stabilization Program.
NSP offers home buying grants to individuals and real estate investors that are buying houses in areas hit hard by foreclosure. Buyers can save a substantial sum of money by combining NSP grants with Fannie Mae Homepath financing.
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