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Dear Ask-A-Lender - From Michael Jones in Lenexa,KS (07/29/10-17:47)
Who is Fannie Mae? |
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Dear
Michael Jones,
Fannie Mae is a congressionally chartered secondary-mortgage market company that buys loans from private lenders. Because the firm is so big and has been involved in
purchasing packages of loans from lenders for 25 years, it has enormous influence on the mortgage market. For more information, call Fannie Mae at (800) 732-6643.
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Dear Ask-A-Lender - From Fred Riley in Overland Park,KS (07/29/10-17:47)
Are there Fannie Mae programs for inner cities? |
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Dear
Fred Riley,
Home buyers in urban neighborhoods can take advantage of the secondary mortgage market institution's Fannie Neighbors Program.
This mortgage plan was created to increase homeownership and promote revitalization in central cities as well as minority low and moderate income "targeted" areas.
Borrowers need less income to qualify for a mortgage and less cash for closing than with standard mortgages. The program includes mortgages to buy or refinance a home.
Fannie Neighbors has no income limit for residents who are purchasing a home within designated central cities (if not the largest city in a metropolitan area, cities must
have populations of 250,000 or more.) Borrowers must attend a seminar on home ownership and the home buying process. For a list of participating lenders, call Fannie
Mae at (800) 732-6643.
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Dear Ask-A-Lender - From Fred Smith in Kansas City,MO (07/29/10-17:47)
How is a home's value determined? |
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Dear
Fred Smith,
You have several ways to determine the value of a home.
An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This
service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.
A comparative market analysis is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes. Most agents offer
free analyses in the hopes of winning your business.
You also can get a comparable sales report for a fee from private companies that specialize in real estate data or find comparable sales information available on various real
estate Internet sites.
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