Are you currently financially unstable and are having trouble paying off your mortgage? Are you on the borderline of foreclosure? Did you know that Fannie Mae is possible able to resolve this, if not Miami Financing Services is? First I’ll start off by giving you brief information on what Fannie Mae is. According to Investopedia, Fannie Mae is a way of pronouncing the acronym, FNMA, which stands for Federal National Mortgage Association. A simple description of Fannie Mae is that they are an association which basically lends money to your lending institutions. They don’t directly offer mortgage loans, however; they purchase mortgages from lending institutions, banks, or credit unions in order for them to offer available money to more homeowners. Fannie Mae can help you in the way that it increases the money needed for mortgage lending and new home purchases.
The loan guidelines for Fannie Mae are similar to the mortgage loan, but if you happen to have any questions to see if you qualify you can contact Miami Financing Services. Another important factor as to why Fannie Mae was created in 1938 was to stabilize the housing market during the Great Depression because all the foreclosure rates kept increasing. All these benefits from Fannie Mae sound like a great deal but there are people who have a hard time qualifying. In order to see if you qualify, Fannie Mae requires a debt-income ratio which is your total debt payment divided by your total monthly income. If you’re debt income is too high to be required for qualification then it is more convenient to make a higher amount of down payment. Although, it is best to discuss the appropriate way to go with professionals in Miami Financing Services that are knowledgeable in these types situations.
If you weren’t qualified to Fannie Mae, it is recommended to speak to attorneys in Miami Financing services, since they will be able to gladly assist you. These attorneys will be able to determine what assistance, see the plans that you can qualify for, or negotiate adjustments under the investor’s adjustment policies. It is important to know that there are other options that can be considered with the help of attorneys in Miami Financing Services.
Let Miami Financing Services attorneys take care of your mortgage issues, save yourself from future headaches and call today!