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Fannie Mae Offers Relief To Homeowners Facing Financial Difficulties Due To Natural Disaster
As hurricanes and wildfires ravish the nation, homeowners who hold government backed mortgages are being offered assistance. In addition to mortgage payment forbearance programs and funds to help pay missed payments, the program also offers several other types of disaster assistance. Fannie Mae’s Disaster Assistance program helps with insurance claims, FEMA applications, and ongoing guidance from disaster relief advisors.
30 Year Fixed Mortgage Rate
|Change From Yesterday||-0.051%|
|Change From One Week Ago||-0.080%|
|Change From One Year Ago||-0.122%|
15 Year Fixed Mortgage Rate
|Change From Yesterday||0.019%|
|Change From One Week Ago||-0.060%|
|Change From One Year Ago||-0.375%|
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Hurricane Ida has wreaked havoc throughout many states, and homeowners are facing an overwhelming array of problems. Houses have been destroyed and damaged. Jobs and income have been lost. In situations like these, mortgage companies can act as a social service safety net. Government backed Fannie Mae mortgages provide an array of disaster relief services to borrowers, and even to renters who live in properties financed by their loans. This type of social assistance prevents housing crashes due to mass foreclosures.
If you paid less than 20% down on your house, then you have been paying Private Mortgage Insurance premium payments each month in addition to your mortgage payment. You must continue paying these insurance premiums until you have 2 years good payment history and 25% equity in your home. However, recent spikes in home prices have greatly increased home equity. If you get re-appraised and refinance now, you may be over the equity threshold and no longer be required to make PMI payments. Depending on your credit score, this could save you hundreds per month,
This four minute podcast explains how the economy was effected by the pandemic, what the Fed did to stimulate the economy, and how the Federal Reserve plans to slowly begin to remove the economic stimulus. This process is called tapering. The podcast also examines some of the possible negative side effects of tapering, and how they can be avoided.