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Fannie Mae Update – Real Estate October 2013

For those home buyers who wish to take advantage of the 3% downpayment plan with FHA insurance, do it before November 16, 2013. Fannie Mae has announced that their guidelines are changing pursuant to requirements for “Qualified Mortgages.” What does that mean for the average homebuyer? While there are many changes within these new requirements some of the most important adjustments include the end of Fannie.
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Short Sales vs Foreclosures

What is a Short Sale and How Does it DIffer from a Foreclosure? A Short Sale, also known as a pre-foreclosure sale, is when a home is sold for less than the balance remaining on the mortgage. If the mortgage company agrees to a Short Sale, whatever the home is sold for is what you pay to the bank/mortgage holder, and it is considered paid. Not.
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