Plainfield IL, Naperville Illinois Real Estate - Fannie Mae's housing recovery initiative

Fannie Mae's new housing recovery initiative. On May 6, Fannie Mae announced its Keys to Recovery Initiative to promote liquidity, stability, and affordability in the housing and mortgage markets.

Here are highlights developed by NAR:

First, Fannie is working to reduce the cost to consumers of jumbo conforming loans (loans above $417,000 up to $729,750) and make it easier to qualify for these loans. NAR expects these steps to significantly lower mortgage costs and give more choices for many families living in high-cost areas.
Second, Fannie is allowing up-to-date borrowers to refinance Fannie Mae-owned mortgages even where current value of the home is significantly less than the existing mortgage.
Finally, Fannie has entered into an agreement with the state housing finance agencies to provide $10 billion in financing for first-time homebuyers and entered into a new partnership with the Self-Help Credit Union to minimize the harm caused by foreclosures and help families become homeowners in rehabilitated foreclosed properties.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit www.cherylbowers.com for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Posted Tuesday May 13