Posted To: MND NewsWire
Freddie Mae has unveiled another round of changes to its Single-Family Seller/Servicer Guide. There are more than a half dozen changes effecting mortgages for refinancing, condominiums and relocation . Effective dates refer to mortgages that settle on or after that date. Effective October 1 Freddie Mac will no longer require a 5 percent contribution from borrowers' personal funds for mortgages that have loan-to-value (LTV) ratios greater than 80% and are secured by Primary Residences and for which a gift or gift of equity from a related person is used as a source of funds. The same applies to mortgages meeting that LTV requirement for which an unsecured loan that is an Employer Assisted Homeownership (EAH) Benefit is used as a source of funds. Effective immediately the company is making changes...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/1KjtCgk
No comments:
Post a Comment