Huge Mortgage News! #mortgage #residentialmortgage #interestrates #homeloans #realestate

Big update to the mortgage world this week. First, Fannie Mae and Freddie Mac announced that they are pulling back on a lot of their down payment assistance and grant programs. Like I talked about a few weeks ago, this is probably the first step of them preparing to go privatized so they are cutting ties with a lot of the government backed programs. However, this changes nothing with what we already offer here at McGowan Mortgages. All of ours are our own specialty programs so they're not impacted by Fannie Mae and Freddie Mac and if anything it makes them even more valuable. Our down payment assistance and grant programs and two FHA announced that as of May 25th they will no longer allow non permanent resident aliens to get FHA financing. Now keep in mind this just means you have to be under contract and start the process of your new home by May 25th. You can still close after that date, but also we have many other loan programs to help non permanent resident aliens and many other citizenship types. So reach out today and we'll get you taken care of.