Freddie Mac speeds up availability of streamlined loan mods

Borrowers must have a loan owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers must be at least 90 days but no more than 720 days (24 months) delinquent. The program is available on both owner and nonowner occupied properties. The delinquent mortgage must be a first loan.

Applying for a Federal Housing Administration streamline refinance. HARP program could restructure loan terms if the money was borrowed from a bank, credit union, or mortgage company owned by.

 · Fannie Mae and Freddie Mac have adopted a "streamlined" approach to modifying delinquent mortgages that regulators and industry groups hope will be accepted by investors in private-label nonprime mortgage-backed securities.. For borrowers who are 90-days past due and not in bankruptcy, servicers of Fannie and Freddie MBS can reduce the interest rate to 3%, extend the loan up.

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Possible Advantage ®, Affordable Seconds , CreditSmart and Loan Product Advisor ® are Freddie Mac registered service marks. 97% LTV Comparison MGIC Go! is the fastest way to get MI on your Fannie Mae HomeReady and Freddie Mac Home Possible and Home Possible Advantage loans. The matrix to the right shows how the two programs compare at 97% LTV.

Last week we noticed that Ginnie Mae volumes had passed Freddie Mac, so the absence of big banks doing that business was certainly taken up by non-depository. contained in the Rehabilitation Loan.

If you have a Fannie Mae or Freddie Mac owned loan and have fallen behind in payments (90+), then a FHFA streamline modification may be a way to lower your payments through a combination of longer term and/or lower interest. If you have a hardship, then make sure your evaluate a HAMP loan modification.

 · Streamline default, failed standard modification trial plan within 12 months, payment would be higher, loan is subject to other terms or work outs that make it ineligible. starts july 1. ends.

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FREDDIE MAC small balance loan (Continued on next page) Financing for the acquisition or refinance of small balance loans, offering partial-term and full-term interest-only Streamlined processes for underwriting, closing and funding Streamlined loan documents Nationwide $1 million to $6 million in all markets Between $6 million and $7.5 million for properties with 75 units or less in Top and.