Columbus, Aug 24, 2021 (GLOBE NEWSWIRE) – JTS & Co. (NMLS # 55275), a mortgage company located at: 4158 Hwy. 45 North, Columbus, MS 39705, reported that Fannie Mae will begin averaging FICO scores for borrowers seeking home finance assistance from September 18, 2021. This means that the average scores of the borrower applicant and co-borrower will be averaged by Fannie Mae to check if they meet the criteria, rather than using the lower FICO score of the borrower or co-borrower.
Previously, under their old rule, when the borrower and co-borrower were not eligible for housing funding from Fannie Mae, they were advised to use funding from the Federal Housing Administration (FHA) or some other option. Under the revised rules, whereby Fannie Mae averages the borrower’s and co-borrower’s FICO scores, they can choose between conventional home financing and financing provided by the FHA. They can explore both options and then make their own choice.
The Federal National Mortgage Association, better known as Fannie Mae, is a government-funded enterprise that went public in 1968. Its main goal is to expand the secondary housing finance market by securitizing such housing finance transactions. as a result, lenders can reinvest their assets in more lending, which means there will be more lenders in the domestic finance market. This reduces dependence on savings and loan associations or savings organizations.
JTS & Co. is an expert in housing finance. They can help people buying a home get the lowest interest rate appropriate to their situation, faster closing times, and the best customer service. They have been providing their services as home finance consultants since 1996 throughout Mississippi and Alabama. They have also been named the Leading Home Finance Company for 12 consecutive years in the Golden Triangle. They offer different types of home financing agreements so that buyers can choose the best possible options. These include conventional housing finance; financing home renovations; FHA Housing Financing; giant housing finance; reverse housing finance; refinancing; USDA funding; and VA housing finance.
Jeff Farnham (NMLS # 89796), President JTS & Co., says: “We have home finance consultants who are committed to matching clients with the finance deal that best suits their needs. We understand that each borrower has its own unique financial capabilities and goals. That’s why we provide a diverse portfolio of products for all types of home buyers and homeowners looking to purchase or refinance. Whether you are buying your first home or a permanent home, investment property, self-employed or large net worth, we will find a solution to finance your home at the best possible price. ”
A regular home financing agreement requires a minimum down payment of 5 percent. They also provide additional extended traditional housing finance programs that require a 3 percent down payment. Features of conventional housing finance include fixed interest rates with options ranging from 10 to 30 years; down payments of less than 20 percent required to insure a private mortgage loan; Closing costs may be paid by a restricted seller.
JTS & Co. also offers several options for FHA home finance deals. There are various features of such a housing finance mechanism. These include: a great option for those who buy housing for the first time; the loan can be used for both purchase and refinancing; buyers must pay 3.5 percent of the purchase price as a down payment; refinancing opportunity at JTS & Co. no evaluation; and more.
People who would like to know more about the services offered by JTS & Co. can visit their website, contact them by phone or email, or browse company Facebook page…
For more information on JTS & Co. – NMLS # 55275, contact the company here:
JTS & Co. – NMLS No. 55275
Tyler Farnham – NMLS # 1450553
4158 Hwy. 45 North,
Columbus, MS 39705