Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs. Vh4M &sYkf9r}\yB 4'N6`E?F7\eiyA,@$9\nftlc3c`fMDzy:/`M4Y B1. This is likely to be the largest benefit program American homeowners have seen. Conventional loans are the mortgages purchased by the government-sponsored enterprises of Fannie Mae and Freddie Mac. Conventional loans allow slightly lower down payments. Our experts have done a research to get accurate and detailed answers for you. Fannie Mae Announces Flexibilities for Refinance and Home Purchase This is NOT a secured email transmission. %PDF-1.7 % The FNMA doesn't originate mortgages but purchases and guarantees them through the secondary mortgage market. %PDF-1.6 % The letters also urge you to call a number. Scam Alert: Notice of FNMA Enhancement - ProFed Federal Credit Union I think the more people that can warn others the better! hXmo6+b;"@^MW42@5\m=G*V4 B My mortgage was sold to another lender as often happens, last month. Fannie Mae is also reminding servicers to submit to Fannie Mae all servicer-approved mortgage loan modifications in HomeSaver Solutions Network (HSSN) as "closed." This eliminates that possibility of being scammed by any fake FNMA Enhancement promises. Why you got "Understanding FNMA Enhancement"? yup. what is fnma enhancements letter 2021shaun thompson elmhurst Consultation Request a Free Consultation Now. Freddie Mac can be reached at 800-373-3343 or Freddie Mac's website. endstream endobj 728 0 obj <>stream This is often the amount of equity you'll need if you want to do a cash-out refinance, too. The letter reads: Your current loan has been identified as being likely to benefit from the aggresive enhancements made to Fannie Mae eligibility. Yesterday, I received a Notice of FNMA Enhancement in the mail. In addition, we do not sell or distribute your personal information to non-affiliated third parties. A scammer is using their name and instead of calling the actual company, you will be calling them if you use the phone number in the notice. Yeah, trying to discern whether or not this is a legitimate thing that Im entitled to, or some marketing racket. If Fannie and Freddie were allowed to fail, experts agreed that the housing market would collapse even further, paralyzing the entire financial system. They make it look like it's from your lender and give you a ref # to provide when you call in so they can feel the nibble and know to go after you. Fannie Mae Credit Enhancement | Tax Exempt Bonds If youre looking to consolidate a student loan, check out our article: Top 7 Student Loan Consolidation Companies Lower Your Monthly Payment Today. Standard: A residential condominium that is operated as a multifamily property and the borrower owns all of the units in the building (or other designated area). Try calling your lender at the number on your mortgage statement (NOT in that letter) and see what they say. Fannie Mae to Release DUS Disclose Enhancements in January 2021 Banks do not want homeowners to know about these programs as they can greatly lower mortgage payments through this simple Government-backed solution. Credit Enhancement Instrument Agreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. It was founded in 1938 by Congress as a government-sponsored enterprise in order to provide funding to make housing more affordable. [Vf0K0Yo|e;I& k EP$wIGi1[Fphf! Also The letter looks very authentic, and it could easily fool a lot of people especially the elderly. Thank you for this posting and explanation. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone About Fannie Mae Any aggressive enhancements made to Fannie Mae eligibility will always be listed on their website, as well as information on whether you qualify or how you can take advantage of these enhancements. They are the same. If you call the number listed, it may connect you to an automated recording or a person. The letters ask you to call1-833-782-0648and warns you to call before a certain date to secure economic benefits. ?/fG_X$d#evUd:ev]|oXTtvS^\TzlWR4?BPF8\iS1TRm>'@xa6aG25N&/p > aa-QXj v Frge:XEX@D7f(a p*s:5Zndm>lTMm5=.uZ,ob'T$XX$b@yI4%Hq%-;d9-F4mex|s2}-b|R-D6OkkS16llh6]B~%|d(ISnlnkr? endstream endobj startxref hb```f``: @16 , GoNl Cv$NN/uM]"2' U'ErWaW0)DnT`lreTyb&&q)PNFa]+: u0Q*a4W@Z The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a approved lender. Please have eligibility code ********* ready when calling our Enhancements Help Desk to discuss your new loan information. 0 To help expedite the process, please have your eligibility code available when calling. Its always good to double check, especially if your transaction involves money. It started the program for 2021 on June 5. To learn more, visit:fanniemae.com|Twitter|Facebook|LinkedIn|Instagram|YouTube|Blog, Media ContactJessica Alexander Exactly the same as the letter I received. *https://www.forbes.com/advisor/refiroadmap/, http://www.fanniemae.com/resources/file/aboutus/media/HARP-Research-Report-030613.pdf* Based on Median Home Equity of Americans aged 45 to 54 of $70,000 (U.S. Census Bureau), 2021 HomeStimulusProgram.com | Legal | Contact | Sitemap. To enhance this particular program, FNMA expanded its eligibility back in June 2021. hbbd```b``"WH uX," ``r5Bz^ 9&WM D ] REH2j` RHONw ;~ From a different lender stating its an offer for a refi. be seasoned at least 12 months (from the original note date to new loan note date). Thank you so much! 781 0 obj <>stream (yo|PcRhHM-c!cHF.* e;Z!jGjvY3hU>Js;3ZM=>*!Yto;XIj"hkx0xQ1R#ff[elv*~cyMtq-M? These modifications, which change the conditions of existing loans to help borrowers avoid defaulting on their mortgages, could include lower interest rates or extending the term of the loan to reduce monthly payments. It is important to note that both JFQ Lending and Intercontinental Capital Group Inc. are legitimate companies, but they are not the ones behind the FNMA Enhancements mortgage notices that are being sent to you. Just put that same letter through the shredder. These companies have stated that these notices are a scam and that they're not associated with them in any manner. 724 0 obj <> endobj Additionally, the files will be sorted in descending order, so that the most recent file is at the top of the list. FNMA Enhancements letter 2021 - scam or legit notice? Lender Letter (LL-2021-02) Updated: May 4, 2022 To: All Fannie Mae Single-Family Servicers It should be noted that Fannie Mae's obligation under this guaranty is solely Fannie Mae's and is not backed by the full faith and credit of the U.S. government. FNMA scamsters get your information about mortgages from public records. Beware of specific indicators that require you to takespecific actions in an urgent matter. Enhancements indicate positive changes, which Fannie Mae is always making. Powered by Loebig Ink, LLC, Home | En Espanol | Site Map | Disclaimer, 8720 Georgia Avenue, Suite 301 | Silver Spring, Maryland 20910, Maryland Criminal Defense Crimes and Procedure, Domestic Violence Maryland Criminal Defense Attorney, Manslaughter Maryland Criminal Defense Lawyer, Second Degree Murder Maryland Defense Lawyer, Child Pornography Maryland Sex Crime Lawyer. Indicates that the security is backed by loans that meet one of the defined Sustainable Impact Criteria found in Fannie Maes Sustainable Bond Framework, including Restricted Affordable Housing and Manufactured Housing Communities. Fannie Mae provides credit enhancement for tax-exempt bonds issued to finance the acquisition, new construction, refinancing, or moderate to substantial rehabilitation of affordable housing multifamily properties with Low Income Housing Tax Credit (LIHTC) rent restrictions. (adsbygoogle = window.adsbygoogle || []).push({}); Have you received an FNMA Enhancement Notice? For the most recent reporting period, the total quantity of electricity generated annually by the existing onsite electricity generation system (measured in kBtU). At least one borrower must be a first-time homebuyer. WASHINGTON, DC Fannie Mae (FNMA/OTCQB) today issued additional details about its new RefiNow option, which is available for qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021. mortgage enhancements do not only make your mortgage more affordable but also your refinancing, modifications are usually geared toward altering the conditions of pre-existing loans. After the mortgage meltdown of 2008, Fannie Mae and Freddie Mac started to focus on loan modifications. Our team has collected thousands of questions that people keep asking in forums, blogs and in Google questions. In fact, ProFed Credit Union warned their customers of this FNMA Enhancement scam when they were notified that their clients were receiving the letter from JFQ Lending. what is fnma enhancements letter 2021 - bentimes10.com HIGHLIGHTS Fannie Mae is announcing updates to the Loan Documents which may be used immediately and must be Who is fnma enhancement? Explained by FAQ Blog Fannie Mae says that conventional loans typically require a minimum credit score of 620. @ >/Metadata 29 0 R/Pages 722 0 R/StructTreeRoot 48 0 R/Type/Catalog/ViewerPreferences 748 0 R>> endobj 726 0 obj <>/MediaBox[0 0 612 792]/Parent 722 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 727 0 obj <>stream One red flag to watch for, according to ProFed, is the account not matching your account number.