Fannie Mae Refinancing in Florida

Fannie Mae/Freddie Mac Refinancing is the same thing as Conventional Refinancing. Fannie Mae and Freddie Mac programs have been the bread and butter for our housing market for year but they are slowly going to be phased out.Fannie/Freddie Winding down

Conventional Financing

Conventional Financing is for Good/Excellent Credit Borrowers who deserve the lowest prevailing rate. Most loan searches start with these Fannie Mae or Freddie Mac Alternatives

  • Credit Scores should be 700 or better for each borrower otherwise there are adjustments to pricing
  • Fixed Rates and Adjustable Rate Mortgages available at rates as low as 3.75%
  • These programs generate the lowest payment for refinances and purchases because usually there is no mortgage insurance
  • Mortgage insurance is required for 80%-90% financing on purchases or refinances
  • DU Refi Plus or Freddie Mac Relief allow for up to 105% ,and in some cases 125% financing, without PMI for homeowners who previously secured Fannie Mae or freddie mac financing on their homes
  • I can price your loan with points or without. Typically you would pay a point to buy your rate lower if you intended to stay in the home for a while
  • Loans for Primary Residence, Second Homes or Investment Properties
  • Fannie Mae or Freddie Mac Loan Programs make for an easier process. Fha has more paperwork
  • No Prepayment Penalties

 

 Special Note about Condos: Many lenders don't want these types of loans because associations are hurting due to high foreclosure rates. Most lenders require 30% down if they are going to do them at all.

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