Coconut Creek Renters Can Get a Mortgage Loan on a New House
There are lots of people who are renting in the city of Coconut Creek, FL. There are people renting apartments and people renting houses. A recent study was conducted on how rent payments can be used to get a mortgage on a new house. Did you know that renters who want to become homeowners can improve their chances of obtaining a mortgage loan when their rent payments are reported to the credit bureaus? Yes, this is true. This recent study also showed that even renters with low credit scores may be able to get a home loan if their monthly payments are reported to the credit bureaus and they have been diligent in paying them. According to an analysis by TransUnion, about 8 in 10 consumers with subprime credit…
Understanding Fannie Mae & Freddie Mac Home Loans in Delray Beach, FL
Fannie Mae is the nickname to which the Federal National Mortgage Association is given. Freddie Mac is the nickname to which the Federal Home Loan Mortgage Corporation. Both, Fannie Mae and Freddie Mac are government programs. These government companies help to increase the supply of money available for mortgage lenders, thus, increasing the money available for home purchases. Since 2008, both of these companies have been lowering the costs for borrowers as the housing market recovers from the mortgage crisis. The majority of the mortgages in the United States are backed by Fannie Mae or Freddie Mac. That is why it is important for homeowners to know about these two companies and try to get a home loan through Fannie Mae and Freddie Mac. Freddie Mac is supporting the…