Home Loans

Fannie Mae raising mortgage modification interest rate yet again

All in costs for a Fannie Mae loan. Modification Program). The financial requirements to get a reduced payment from either lowered interest rates or principal are almost nil. If defaults occur.

Yet at the same time, Fannie Mae and Freddie Mac have just dropped the standard modification mortgage rate from 4% to 3.875%, the lowest rate since the programs’ inception. The new interest rate took effect on November 5 th for the Freddie Mac program, and is set to take effect on November 13 th for the Fannie Mae program.

The following table provides the current Fannie Mae Modification Interest Rate as well as historical adjustments. Effective Date Interest Rate June 14, 2019* 4.125%

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Fannie/Freddie Raise Mortgage Fees. Only those borrowers (encompassing about 12% of the total) with FICO credit scores above 740, that make downpayments >25% for stand-alone residential properties will be exempt from this additional layer of fees. Everyone else will be required to pay up to 3% in fees, depending on their risk profile.

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Although Fannie Mae requires Servicers Servicers Primary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). to service all Mortgage Loans Mortgage Loans Mortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation.

If you have a Fannie Mae or Freddie Mac backed loan or Equity in your home you may be eligible to refinance with the current market rates (which are still very low) as long as you did not receive a principal reduction with your loan modification.

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