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How Fannie Mae, Freddie Mac and FHA Home Loans may Save the Mortgage Industry
When real estate prices rose steadily, consumers took cash out by refinancing option ARM's with negative amortization. Then, property values dropped and foreclosures rose because the refinance loan programs consumers had counted upon disappeared. As adjustable rate mortgages climbed ever upward, homeowners could no longer afford their mortgage payments. Thousands of mortgage companies went under. Sub-prime mortgage loans from traditional lenders virtually disappeared. FHA home loans continue to help bad credit borrowers qualify for reduced interest, fixed rate loans.
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Home loan refinancing is up across the country as Americans look to lock fixed rate home loans that lower their monthly payments. |
| Attention Homeowners: Even if your home values may have recently dropped, we may be able to qualify you for a lower interest rates than you anticipated, so complete the quick form below. |
FHA home refinancing has helped thousands of homeowners. Down payment assistance programs help borrowers who qualify for government-backed FHA loans but don't have the 3% to put down. Home buyers get 97% loan to value with FHA. The FHA also allows bad credit scores.
Fannie Mae and Freddie Mac are government sponsored mortgage companies helping secure the mortgage industry. Fannie and Freddie offer from 80-103% loan to value. They purchase mortgage debt and sell it as securities to investors. The money raised selling the debt is used to buy more mortgages, thereby fueling the mortgage loan industry.
Fannie Mae is publicly owned and the biggest supplier of money for home mortgages in America. Fannie makes mortgages more affordable by offering interest only loans, and bad credit loans. Homeowners with sub-prime loans at high interest rates may benefit by using Fannie Mae to refinance loans because of the competitive interest rates for Fannie loans. Fannie Mae is renegotiating problem loans - most of them sub-prime mortgages - at a rate of about 750 a week and pushing lawmakers and federal regulators so that it can provide funding for more loans, and higher price loans to help overcome the credit crunch.
Freddie Mac is similar to Fannie Mae. It promotes homeownership by offering no money down mortgages and bad credit offerings. In response to the recent crisis, Freddie Mac introduced more loan programs for fixed rate mortgage refinancing. Freddie Mac plans to buy about $20 billion worth of mortgages enabling people in danger of losing their homes to refinance at affordable rates.
Fannie, Freddie and the FHA are working hard to save consumers facing foreclosure. The FHA has already expanded its refinance business to provide mortgages for borrowers in trouble with sub-prime loans. It is seeking federal approval to modernize and provide even more financing. The FHA expects to serve some 80,000 delinquent borrowers this year.
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Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of 4 types of loans.
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