What do you advise in the event Im turned down for a mortgage?
If youre denied a mortgage, try, try again.
Here's help for renters and other buyers who may have had difficulty getting mortgage money:
- The Federal National Mortgage Association, or Fannie Mae, a major supplier of mortgage funds, has a program of review, counseling and more flexible loan guidelines. The hope is that this program, called "Showing America a New Way Home," will help loan applicants who might otherwise be rejected for a loan ultimately get loan approval and buy a home.
- Also worth checking out is the "Fannie 97" mortgage, which lets borrowers make down payments of just 3%.
- The "Start-Up Mortgage" requires a 5% down payment and allows for lower monthly payments the first year of a 30-year fixed-rate loan.
For more information, ask your lender or call Fannie Maes public information office at (800) 7FANNIE.