Ch.11-Web Assignment-pg303 - offering the applicant must be...

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Chapter 11: Financing Home Ownership Robb Page 25-Feb-2010 FIN 497: Real Estate Principles Professor Clements Explore the Web – page 303. Visit http://www.freddiemac.gov click on Doing Business then Singlefamily , then Mortgage Products, then Home Possible® Mortgages . Open the pdf: Comparison of Home Possible Mortgage Products . Can you determine among the “affordable” products why there are several choices? 1. Qualification criteria is one reason: in order to qualify for a Home Possible Neighborhood Solution 97
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Unformatted text preview: offering, the applicant must be employed in one of three fields – education, healthcare, or police/fire department – or be a member of the U.S. armed forces. 2. Size of property is another reason: whereas a Home Possible 97 offering allows applicants to submit for a 4-unit residence, the … Neighborhood Solution 97 offering limits the size to a 2-unit residence. 3. Requirements for reserves vary, according to each offering. See attachments for details. 1...
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This note was uploaded on 04/25/2010 for the course FIN 497 taught by Professor Clements during the Spring '10 term at University of Missouri-Kansas City .

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