Posted On: April 29, 2010
Fannie Mae Extends Program to Help Distressed Property Buyers
Fannie Mae announced that it has extended its program that gives buyers 3.5 percent of the final sales price of its distressed homes to use toward closing costs or for select energy efficient appliances.The program, which was scheduled to end in April, has been extended until the end of June, 2010. Fannie Mae, the nation’s largest residential home funding source, has more than 62,000 homes listed for sale on its HomePath.com website.
At the end of March, Fannie Mae reported that the late payment rate on its single-family mortgages continues to rise, and is currently about double the rate from a year earlier.
The Federal Housing Administration also announced in April that it has raised the down payment requirements for higher-risk borrowers. The Mortgage Bankers Association has said that nearly 50 percent of all mortgage applications are for government loans, the highest rate in two decades.
The FHA said that it will maintain its 3.5 percent mortgage rate for those with higher quality credit ratings.
While government agencies continue to increase aid to borrowers, unemployment and wage reductions continue to spur foreclosure rates, particularly in Florida, California, Nevada and Arizona.
If you are a Florida homeowner facing possible foreclosure and need to know more about your options for defending a Florida foreclosure, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
