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DICTIONS. LENDERS SHOULD CONSULT WITH LEGAL COUNSEL TO ENSURE THAT ALL FORMS USED TO ORIGINATE LOANS ARE APPROPRIATE, AND THAT ALL LEGAL INSTRUMENTS ARE COMPLETED CORRECTLY AND IN COMPLIANCE WITH APPLICABLE LAW. CONSTRUCTION LOAN ADDENDUM AMENDING NOTE THIS CONSTRUCTION LOAN ADDENDUM (the Addendum ) is made this day of , , and is incorporated into and shall be deemed to amend and supplement the note made by the undersigned Borrower, ( I , me , my ) t.

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A reverse mortgage increases your debt and can use up your equity. While the amount is based on your equity, you're still borrowing the money and paying the lender a fee and interest. Your debt keeps going up (and your equity keeps going down) because interest is added to your balance every month.

There are several kinds of reverse mortgage loans: (1) those insured by the Federal Housing Administration (FHA); (2) proprietary reverse mortgage loans that are not FHA-insured; and (3) single-purpose reverse mortgage loans offered by state and local governments.

If the loan is a first lien securing an ownership interest in a co-op corporation, the amount of the first lien and prorated share of the co-op corporation blanket mortgage cannot exceed Fannie Mae's loan limits. Fannie Mae has no minimum original loan amount requirement for either whole loans or MBS loans.

Fannie Mae and Freddie Mac (federal enterprises which set the rules for 30-year, 20-year and 15-year fixed-rate loans) have specific requirements for condo loans. A “Fannie Mae approved condo” means the condo in questions meets or exceeds those requirements, and the condo is eligible for federal financing.

With loans from either Fannie Mae or its competitor Freddie Mac, you'll need a qualifying FICO® Score of at least 620. If you're an individual borrower, your qualifying score is the median between the three major credit bureaus – Experian™, Equifax® and TransUnion®.

The contract must be in writing, contain the full names of the buyer(s) and seller(s), identify the property address or legal description, identify the sales price, and include signatures by the parties. Sales contracts are also known as agreements of sale, purchase agreements, or contracts for sale.

They perform an important role in the nation's housing finance system – to provide liquidity, stability and affordability to the mortgage market. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.

The key comparisons of the loans are that a FHA loan has a lower credit score requirement that is lower to qualify and a 3.5 percent down payment which may be less than a Fannie Mae loan. The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232