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Latest Freddie News Strengthens FHA's stranglehold on the market!!!
Freddie Mac is doing all it can to make sure that FHA is the lender for 2009. While FHA in 2008 has had an act similar to a top tier Rocky movie, Fannie and Freddie seem to be fading like Apollo Creed. Freddie is now getting rid of Accept Plus Findings. That's huge. It's basically elimating stated findings. Further, Freddie is allowing AUS or Automated Underwriting Findings with a DTI or Debt To Income of over 45%, but FREDDIE HAS STATED THAT IT WILL NOT BUY any loans with DTIs over 45%. Now there are a few modifications and exceptions, but basically the writing is on the wall. Freddie doesn't want to endure the same issues that the sister, FANNIE, has endured. FHA already allows things that Freddie and Fannie don't. Non-occupant Co-borrowers; No true credit score requirement; All of the downpayment can come in the form of a gift; FHA loans are assumable; Loan Limits for FHA have been greatly increased; Appraisals have been relaxed so as to mirror the more forgiving guidelines of Fannie and Freddie. FHA is an awesome program. Freddie is making it more attractive. If you want more information feel free to contact me. As a ... more

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