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What are Fannie Mae and Freddie Mac Rehabilitation Loans?

April 26, 2017Fannie Mae freddie mac Loans rehabilitation

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What are Fannie Mae and Freddie Mac Rehabilitation Loans?

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• The Government National Mortgage Association (GNMA) permits the Section 203(k) mortgage to be placed in both GNMA I and II pools with Section 203(b) mortgages. GNMA accepts the 203(k) mortgage once it has been endorsed by HUD. The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) will also purchase a Section 203(k) first mortgage. • There is a minimum $5,000 requirement for the eligible improvements on the existing structure on the property. Minor or cosmetic repairs by themselves are unacceptable; however, they may be added to the minimum requirement. For a more complete list go to the following website: www.nhl.gov/offices/hsg/sfh/203k/faqs203k.cfm • Fannie Mae and Freddie Mac have their own versions of Rehab Loans. These loans, actually, allow investor property rehab financing. At MVMI, we specialize in investor loans, a highly select area of expertise. Note: Not all Lenders offer these loans. Contact us today for an an