Fannie Mae Extends the Availability of All Gulf Coast Hurricane-Related Underwriting Flexibilities
From Fannie Mae's website: The widespread devastation caused by Hurricanes Katrina and Rita resulted in great tragedy and hardship for thousands of homeowners. We continue our commitment to work with our customers to help those whose lives have been disrupted by the disasters.
For those that remember, Fannie Mae relaxed some guidelines for those borrowers affected by the devastating hurricanes. Specifically, some of the guideline rules that were relaxed were the temporary elimination of income limits for My Community Mortgages and ‘make sense' underwriter discretion with regard to hardship that resulted in foreclosure due to these circumstances beyond the borrower's control. They also allowed borrowers with a current mortgage on their credit to get into programs that would normally disallow that borrower fo some programs. And for those that do NOT remember... contact your Lender Partner.
I applaud the work of Fannie Mae to step up and help our neighbors to the south. And their continued attention to this issue should be well received in the current Real Estate market.
The areas affected were considered disaster relief areas by FEMA, And encompassed a wide range of Counties/Parishes.
Counties extended relief in Mississippi: Hancock, Harrison, and Jackson.
Parishes extended relief in Louisiana: Calcasieu, Cameron, Jefferson, Orleans, Plaquemines, St. Bernard, and St. Tammany. (I cannot pronounce some of them either.... And I lived in South Louisiana for 18 months)
Realtors in these areas should definitely get in touch with their lender partners and make sure that their team is capturing this business afforded by these changes. Those that do not understand the impact of these changes or fail to ask questions will leave their clients at a severe disadvantage.
Here is a copy of the Lender Letter from Fannie Mae.
Tom Burris
DallasLoanGuy.com
Dallas, TX
"A Home Loan For Every Texan"
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to my blog and stay informed about current lending changes!!
Lisa: Let me know if you have any questions. Texas Counties have been eliminated, so I am not going to totally delveinto specifics unless someone has a question.
John: If you get that 'Deer in the Headlights' look.... it might be time to shop lender partners.
Nice post Tom, and thank your for being the first blogger in the new group. I am very truly hoping this new group helps a lot of people. It seems from your post, it already has.
Randy Bolton - Group founder.