Fannie Mae Eases Credit Requirements
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In an effort to help more low-income families realize their homeownership dreams, Fannie Mae, the nation’s largest supplier of mortgage funds, is easing its credit requirements for those with less-than-perfect credit.
Under a new program, qualified borrowers could get loans with interest rates as much as 2% lower than normal sub-prime mortgages. Moreover, if they make their first two years’ payments on time, they will get one more point off the loan.
The program, called the Timely Payment Rewards mortgage, is expected to begin in Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Massachusetts, Minnesota, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia and the District of Columbia. It should be nationwide by next spring.
Find out more by calling (800) 7FANNIE weekdays between 9 a.m. and 5 p.m. Eastern time.
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