Real Estate News And Views

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Good News Thanks to Fannie Mae

Agents have a new way to beat housing market challenges, while buyers and homeowners alike have a good reason to smile. Fannie Mae, the nation's largest source of financing for home mortgages, announced in May of 2008 four positive changes to their policies and procedures.

Changes:

1. Homeowners can now refinance up to 120% of their home value as long as they are paying their mortgage on time.

2. Fannie Mae will buy jumbo-conforming loans for the same price they purchase other conforming loans through the end of the year.

3. Partnerships with state Housing Finance Agencies are being expanded. This will provide $10 billion in financing for qualified first-time home buyers.

4. A partnership with the Self-Help Credit Union will help qualified families get into foreclosed properties via a rent-to-own program. The program will focus on communities where the real estate markets were hit hardest.

Fannie Mai mortgages are available through a nationwide network of lender partners. Choose the best lender for your needs by checking out Fannie Mae's "Find a Lender Search" on www.fanniemai.com.

By Danielle Macklin, Allied Schools, www.realestatelicense.com