Mortgage for 40 years? Jeannie Mae gives him a chance

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Some homeowners with federally backed mortgages could soon pay off the balance over 40 years in a single modification believed to help those hit by the pandemic.

In accordance with Houston Chronicles, A typical mortgage extension option was proposed by government-funded mortgage lender Ginny Mae as a way to work with homeowners who have suspended or reduced mortgage payments during the pandemic. This workaround came about because the federal government requires the mortgage service companies it supports to find a way to get homeowners back on track without requiring all missed payments to be paid in a single amount.

Ginny Mae expects she will be ready to start supporting the securitization of such loans by October. But the final decision on whether to offer homeowners the option of a 40-year mortgage going out of abstinence rests with the Federal Housing Administration, the Department of Veterans Affairs, the USDA, the Department of Housing and Urban Development, and the Office of Public and Indian Housing, which issue loans. which Jeannie Mae brings together for sale in the secondary markets. Read the whole story.



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