4816 Hearthside Drive, Summerville, SC, 29485 3 Bed • 2 Bath • 1,355 sqft This Well-Kept & Charming 3BR/2.5BA Ranch is Located in Wescott Plantation of
Housing Agencies Spur Changes To Increase Mortgage Lending
The FHFA (the conservator and regulator of Fannie Mae and Freddie Mac) issued a couple of important edicts. FHFA Director Mel Watt officially declared that Fannie and Freddie’s loan limits— the maximum loan amounts they can purchase from primary lenders — will remain at their current levels.
This decision to hold firm on the loan limits should do a lot to bolster lending to buyers of more expensive houses.
The director also told lenders that Fannie and Freddie would not force them to repurchase loans that have one or two late payments during the first 36 months after the loans are acquired by either company.
By relaxing these payment history requirements, the FHFA is allowing the GSEs to grant repurchase relief from delinquent loans that originally passed lenders’ quality control reviews, presumably giving them a better comfort level for lending.
Watt said his goal at the FHFA is to “foster liquid, efficient, competitive and reliant housing finance markets” while lawmakers on Capitol Hill deal with housing finance reform legislation.
In addition, the Department of Housing and Urban Development announced their own rule changes to make lenders feel more comfortable with FHA-financing and allow them to lend to qualified borrowers across the board. “We want to create an environment that encourages responsible behavior and provides clear rules of the road so lenders can originate loans without fear of unanticipated consequences,” said HUD Secretary Shaun Donovan.
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