Affordable Advantage Initiative Discontinued

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Mortgage and Lending with Cambria Mortgage NMLS 274132
Affordable Advantage Initiative Discontinued

Under the direction of its regulator, the Federal Housing Finance Agency (FHFA), Fannie Mae has discontinued the HFA Affordable Advantage initiative.  All Affordable Advantage loans must be delivered to Fannie Mae by March 31, 2011.

In order to meet the Fannie Mae deadline, given the length of time it takes to securitize loans under the program, the following terms apply to all Affordable Advantage loans:

  • Commitments will be accepted on the Minnesota Housing HDS SF web application until 11:59 p.m. on Thursday November 18, 2010.
Other low down and down payment assistance loans are still available, like the Minneapolis / St Paul City Living Program, and the Dakota County First Time Home Buyers Program.

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