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private mortgage insurance: Fannie Mae Guideline Changes - Gifts, 97% Financing and Mortgage Insurance - 11/27/10 11:19 PM
There has been some recent excitement about Fannie Mae (FNMA) changing her guidelines on down payments and allowing gift funds as an acceptable form of down payment in lieu of a borrower’s own funds. Before we all get excited about FNMA getting a little FHA in her with respect to gift funds, we need to realize that the guidelines for mortgage insurance and FNMA are not aligned. So long as they aren’t, this change will only have minimal effect.
This chart outlines the new accepted forms of down payment from FNMA’s perspective:



Here's the Fannie definition of acceptable donors for … (3 comments)

private mortgage insurance: Monthly Private Mortgage Insurance – It Doesn’t Make Any Sense - 05/30/10 12:59 AM
It is inevitable that FHA will play less and less of a role in the lending market.  As this unfolds, it's critical for loan officers, Realtors and borrowers alike to understand the many options in the improving private mortgage insurance market.  In the distant days when home values were increasing, it made perfect sense for borrowers to opt for monthly mortgage insurance and wait till their home had appreciated to the point where they had a twenty percent equity position. They'd soon call their lender to get an appraisal ordered and drop their monthly mortgage insurance.  Those days are gone.  In … (20 comments)

 
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Charles Dailey - NMLS ID#79048

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