Houston Fannie Mae mortgages are a good choice for many financing needs. Fannie Mae is a private company that was created to insure a good supply of mortgage funds. Recent changes in the mortgage industry may result in more importance for the programs Fannie Mae offers.
The first change is for the sub-prime mortgage market. For a time sub-prime lenders were very lenient in providing loans for customers with credit problems. Home values were rising rapidly so lenders could usually recover loans even if the customer defaulted. Now a cooling home market and increased foreclosure rate has resulted in a big pull-back in sub prime loans. Lenders are now asking for more down and better scores for these loans. Fannie Mae has an “Expanded Approval” program to help borrowers that have had credit problems. The rate is usually much better than typical sub-prime rates. Those that already have a sub prime loan at a high rate might benefit by refinancing to this type of loan.
Another area that some mortgage lenders are tightening up on is for zero down and small down payment loans. At on time almost everyone could get a zero down loan. Now many lenders are asking for 5% or more down, even with good credit. Fannie Mae has programs like the “Texas MyCommunity Mortgage” and the “Flexible 97 & 100” for customers that want a zero or small down payment mortgage.
A number of other programs are also available. More information is available at our Houston Fannie Mae mortgage site. Texas residents can also call our office at 281-537-7800.
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Source: www.articlealley.com
