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Loan Modification

: The Truth About Mortgage.com

Fannie Makes it More Difficult to Qualify for Interest Only Loans, ARMs

By scot184

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Mortgage financier Fannie Mae announced several changes last week that will make it more difficult for borrowers to take out interest-only loans and adjustable-rate mortgages. Beginning in July, the qualifying rate on adjustable-rate mortgages with an initial fixed-rate period of five years of less will be the greater of the note rate plus 2%, or the [...]

Full post as published by The Truth About Mortgage.com on May 03, 2010 (boomark / email).

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