What Happens If Fannie Mae and Freddie Mac Go Private? The housing market as we know it is built on a critical but often overlooked foundation: Fannie Mae and Freddie Mac. These two government-sponsored enterprises (GSEs) have been in federal conservatorship since 2008, following the financial crisis, and they remain under the oversight of the…
When qualifying for a home loan, one challenge many borrowers face is presenting irregular or fluctuating income in a way that accurately reflects their long-term earning potential. Both Fannie Mae and Freddie Mac provide guidelines that allow mortgage lenders to use an averaged income approach to assess a borrower’s ability to repay a mortgage. This…
How Alimony Can Boost Your Home Buying Power If you pay alimony and thought it would hurt your ability to buy a home, I’ve got good news for you. Fannie Mae and Freddie Mac have updated their conventional loan guidelines, and they now treat alimony as a reduction to income rather than a debt. This…
When it comes to understanding mortgage rates, relying solely on media sources can be misleading. The best barometer for where mortgage rates truly stand is the actual source: FreddieMac.com. This is the entity that buys the loans made and sold by mortgage aggregators. When you see headlines claiming that interest rates are lower or have…
The federal housing finance agency recently released its 2023 conforming loan limit. The new loan limit for 2023 is $715,000. Here is what this means if you’re purchasing or refinancing a home… Each year the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac releases its annual loan limit. The annual loan limit…
If you’re in the market for a mortgage and you are paying alimony, the guidelines just got easier to allow you to get a mortgage. Here’s how the new guideline will benefit you if you’re paying alimony… Previously, most mortgage companies would take an alimony payment obligation and use this debt against your income. Last…