What is a Single-Family Home?

If a borrower has had their loan for a specific time, the loan is “seasoned.” For FHA Streamline Refinancing, a loan is seasoned when it has been held for 210 days and the borrower will need to have made at least six monthly payments.

What is Loan Seasoning?

If a borrower has had their loan for a specific time, the loan is “seasoned.” For FHA Streamline Refinancing, a loan is seasoned when it has been held for 210 days and the borrower will need to have made at least six monthly payments.

What is the National Housing Act of 1934?

Part of FDR’s New Deal, it was one of the most sweeping acts of legislation to address housing needs in the United States. It created many changes, including the creation of the Federal Housing Administration (FHA), which is a massive part of the real estate industry to this day.

What are Interest Rates?

The percentage of money lent out that is added to a loan balance. Interest rates are almost always compounded annually, so they are commonly called Annual Percentage Rates, or “APR.” For borrowers, a low interest rate is ideal, while high interest rates bring more money to lenders.

What is the Home Affordable Refinance Program (HARP)?

A refinancing option for homeowners with Fannie Mae or Freddie Mac loans. Offers low-interest rate terms and is available for borrowers with little to no equity. It’s also one of the few options for homeowners who are “upside down” on their loans.

What is FICO?

The Federal Housing Finance Agency. Not to be confused with the FHA, the FHFA was established in 2008 and is responsible for the overall supervision and regulation of Fannie Mae and Freddie Mac, which are government-sponsored companies.

What is the FHFA?

The Federal Housing Finance Agency. Not to be confused with the FHA, the FHFA was established in 2008 and is responsible for the overall supervision and regulation of Fannie Mae and Freddie Mac, which are government-sponsored companies.