Fannie Mae and Freddie Mac Set to Ease Lending
In recent weeks we’ve seen home sales jump, foreclosure starts drop and most recently mortgage rates have hit a yearly low. It would seem that things are beginning to look a little brighter for markets across California, but the good news doesn’t end there. Fannie Mae and Freddie Mac have recently reached a deal to ease lending restrictions, a major victory for those impacted by the ongoing affordability crisis and a step towards a healthier market in 2015. Recently, mortgage giants Fannie Mae and Freddie Mac came to an agreement with the FHFA aimed to loosen the lending standards that have pushed many would-be homebuyers off the market. Soon, those who have a less than perfect credit should find it easier to qualify for a loan, and mortgages should become more affordable for the masses. According to the new policy, it will be up to the financing firms to establish when banks are required to repurchase loans. Furthermore, the change in policy will reduce the minimum do