Who are Fannie Mae and Freddie Mac? The Federal National Mortgage Association is known as Fannie Mae and Freddie Mac. Created by Congress, they “provide liquidity, stability, and affordability to the mortgage market,” according to the Federal Housing Finance Agency. Fannie Mae typically buys home mortgage loans… Read Full Article Share FacebookTwitterLinkedIn
Is the mortgage process the same in every state? Generally speaking, the process is the same. There will be slight differences in fees and timing of when things occur, but otherwise, it’s pretty similar. Read Full Article Share FacebookTwitterLinkedIn
What is a mortgage? A mortgage is a loan from a financial institution or bank that helps a borrower purchase a home. In exchange for the loan, you are obligated to pay the amount of money back with interest over a predetermined period of… Read Full Article Share FacebookTwitterLinkedIn
Is there a minimum amount of money someone else can contribute to help me with my down payment? A lot of borrowers aren’t always able to come up with all the funds they need for a down payment on their own, which is why many mortgage products allow for gift contributions from friends and family. But, while it… Read Full Article Share FacebookTwitterLinkedIn
How does Student Loan Debt impact my debt ratio? The impact your student loan debt will have on your chances of getting a home mortgage loan has changed greatly over the years. It used to be that whatever student loan debt you had didn’t necessarily harm your chances of… Read Full Article Share FacebookTwitterLinkedIn
How many years of income do I need to show if I’m a self employed borrower? A lender will always require that you provide proof of income as part of your mortgage application. For example, personal/business tax returns, pay stubs or W2s give a lender an up close and personal view of your finances — which… Read Full Article Share FacebookTwitterLinkedIn