Real estate appraisal rules have changed in major ways. The changes are a response to the financial crisis. It’s an effort to avoid issues in the future that created havoc. When the Home Valuation Code of Conduct went into effect by Fannie Mae and Freddie Mac on May 1st, appraisal protocols for mortgage loans changed. To protect consumers, loan officers, mortgage brokers and real estate agents can no longer choose appraisers….
Posts Tagged: Freddie Mac
Bergen County homes have done better than most housing markets in the US. They may have done better but they have not escaped the economic collapse. As a result our home values have depreciated over the past few years. For many homeowners this has created a horrible situation. Their home is not worth what they paid for it. For homeowners who need to sell their home, many find it impossible…
Fannie Mae and Freddie Mac buy mortgages which means that they guarantee them. Without the backing of Fannie and Freddie, mortgage lenders have to find other investors to sell their mortgage loans to and those investors charge more so interest rates are higher. Fannie and Freddie backed mortgages are called conforming; the others are called jumbo. The limit on a conforming mortgage is $417,000 but that is about to change….