Quite a few Fannie Mae loan mortgage programs are offered that can help individuals buy a house with less than perfect credit. Additionally, Fannie Mae provides programs to assist homeowners facing foreclosure with solutions such as mortgage refinance and loan modification.

Recently added Fannie Mae loan mortgage programs include Hardest Hit Fund and Deed-for Lease. Hardest Hit is offered in 19 states, while Deed-for-Lease is a nationwide program. Individuals can consult with housing counselors through Fannie Mae help centers, as well as working with HUD housing counselors.

Hardest Hit Fund is a federally-funded program aimed toward assisting homeowners experiencing financial hardships caused by underemployment and unemployment. Since eligibility criterion varies by each state where the program is offered, homeowners will need to review requirements before applying for assistance.

Hardest Hit Fund programs haven\’t been widely announced, so many people aren\’t aware of their existence. Therefore, there is still quite a bit of funding available to people that are in dire straits. For example, Florida Hardest Hit Fund received over $400 million in funding, but has only disbursed less than $1 million.

Unfortunately, less than half of homeowners that apply for Hardest Hit Fund receive assistance money. Individuals in need of mortgage assistance ought to seek help through HUD housing counseling or Fannie Mae mortgage help centers to discuss this program, along with other available options.

At present, only a few states have Fannie Mae help center locations where homeowners can meet face-to-face with housing counselors. However, homeowners with Fannie Mae mortgages can speak to counselors via phone. Those in need can find help centers and research available Fannie Mae loan mortgage programs at KnowYourOptions.com.

Another foreclosure prevention program that helps people with Fannie Mae loans is Making Home Affordable. This is a government-sponsored program that offers several options to stop foreclosure.

MHA programs include: loan modification, mortgage refinance for first and second lien mortgages, principal reduction, real estate forbearance, deferred payments, and foreclosure alternatives of deed in lieu and short sales.

Service members may qualify for Fannie Mae\’s special military forbearance. This type of arrangement lets homeowners receive a temporary reduction or suspension of mortgage installments. Forbearance plans normally offer reduced or suspended payments for a maximum of 180 days. However, qualified service members might be able to obtain an additional 180 days extension.

The Deed-for-Lease program is a relatively new option offered by Fannie Mae. Qualified homeowners give their house back to the bank using a deed in lieu of foreclosure agreement.

When banks provide deed-in-lieu, homeowners are normally required to immediately vacate the premises. However, under the Deed-for-Lease program, homeowners are allowed to lease their house from the bank for 12 months or longer.

A good program for individuals and real estate investors that want to buy a house is Fannie Mae Homepath. This program was originated to liquidate Fannie Mae\’s expansive foreclosure portfolio by offering residential foreclosure homes at discounted prices.

People that purchase Fannie Mae Homepath properties can apply for financing through Homepath Mortgage. These loans offer special incentives including low interest rates and minimal down payments.

Whether you\’re looking to buy affordable housing, investment real estate, or obtain reduced mortgage payments consider looking into Fannie Mae loan mortgage programs. Doing so could potentially shave thousands off of housing costs and help you save your house from becoming another foreclosure statistic.

California real estate investor, Simon Volkov offers insights about how to get the most out of Fannie Mae loan mortgage programs and shares details of other available foreclosure prevention and first time home buyer programs at www.SimonVolkov.com.

California real estate investor, Simon Volkov offers insights about how to get the most out of Fannie Mae loan mortgage programs and shares details of other available foreclosure prevention and first time home buyer programs at http://www.SimonVolkov.com.

Author Bio: California real estate investor, Simon Volkov offers insights about how to get the most out of Fannie Mae loan mortgage programs and shares details of other available foreclosure prevention and first time home buyer programs at www.SimonVolkov.com.

Category: Real Estate
Keywords: fannie mae loan mortgage programs,fannie mae homepath,hardest hit fund,making home affordable