FHFA expands suite of loan mod tools

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Proof of income. Unemployment income doesn’t qualify. If you’re unemployed, Fannie and Freddie are likely to provide six months of unemployment forbearance instead of loan modification, according to the FHFA. Your lender or servicer should provide you with this paperwork.

FHFA conforming loan limits – The Federal Housing Finance Agency restricts Fannie Mae and Freddie Mac to purchasing single-family mortgages with origination balances below a specific amount, known as the "conforming loan limit." This FHFA web page provides those limits by county.

The Making Home Affordable Program was launched in March 2009 with the Home Affordable Modification Program ( HAMP) which provides assistance to struggling homeowners by lowering monthly first lien mortgage payments to an affordable level. Additional programs were subsequently rolled out to expand the program reach.

FHFA Transition Could Be Quite Complicated But finding an affordable home is a challenge for millions of households nationwide. freddie mac’s commitment to affordable, adequate housing is central to who we are. Our continuous support – in all economic conditions and for markets that might otherwise be neglected – distinguishes us from private funding sources.

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Twenty-four percent of modifications were ones with principal forbearance. The report also points out modifications with extend-term comprised only 53 percent of loan modifications in the month.

A History of "Conforming" (FNMA/FHLMC) Loan Limits. Every year, new loan limits are announced for mortgage loans which may be purchased by the Federal National Mortgage Association (FNMA, or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac).

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It also updates the Federal Housing Administration’s (FHA’s) Hope for Homeowners (H4H) program, providing plans to ease restrictions to encourage servicers to utilize the program. Through its enhanced.

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