Maine Waterfront Real Estate

Here is a good resource for anyone struggling to make mortgage payments. Fannie Mae recently launched KnowYourOptions.com, a consumer education site that offers guidance on how to contact and work with their mortgage company to find solutions.

Know Your Options™ offers reliable and easy-to-understand information to help borrowers find alternatives to foreclosure. It focuses on finding solutions that work for their particular circumstances.

KnowYourOptions.com includes:…

…Read the whole story via Struggling To Make Your Mortgage Payments? | Buckfield Maine Area Homes For Sale.

New rules for Fannie Mae loans took effect on Dec. 13 could make it easier for some new homeowners to secure a mortgage, but perhaps more difficult for others.

One new rule will now allow buyers to use gifts for their minimum 5% down payment. At the same time, Fannie Mae will become stricter in regards to debt-to-income ratios, most notably their new maximum debt ratio: It will drop from 55% to 45%. They will also take a closer look at payment histories on revolving debt — adding 5% of the buyer’s total balance to their debt ratios if payments were missed. This is another reminder that it is very important for someone thinking of a new home to be super-diligent on making timely credit card payments.