Columbus MS Mortgage Company Announces that Fannie Mae Will Start Averaging FICO Scores
August 24, 2021 at 17:08
JTS & Co. (NMLS# 55275), a mortgage company located at 4158 Hwy. 45 North, Columbus, MS 39705, has revealed that starting September 18, 2021, Fannie Mae will begin averaging FICO scores for borrowers applying for home financing assistance. This means that the middle scores of the applying borrower and co-borrower will be averaged by Fannie Mae to check if they qualify, instead of using which is the lower score among the FICO scores of the borrower or the co-borrower.
Previously, with their old rule, when the borrower and co-borrower do not qualify for home financing from Fannie Mae, they were recommended to use financing from the Federal Housing Administration (FHA) or some other option. With the revised rules where Fannie Mae averages the FICO scores of the borrower and co-borrower, they get to choose between the conventional home financing and the one provided by the FHA. They can examine both options and then make their choice as to which they prefer.
The Federal National Mortgage Association, which is better known as Fannie Mae, is a government-sponsored enterprise that became a publicly traded company in 1968. Its primary purpose is to expand the secondary market for home financing through the securitization of such home financing deals, with the result that lenders can reinvest their assets into more lending, which means there would be more lenders in the home financing market. This reduces dependence on savings and loan associations or thrifts.
JTS & Co. is an expert when it comes to home financing. They can help people buying a home receive the lowest possible interest rate for their situation, quicker close times, and the best possible customer service. They have been providing their services as home financing advisors since 1996, throughout Mississippi and Alabama. They have also been named as the leading Home Financing Company for 12 years in a row, in the Golden Triangle. They offer various types of home financing agreements to ensure that home buyers can choose the best possible arrangements. These include conventional home financing; renovation home financing; FHA home financing; jumbo home financing; reverse home financing; refinance; USDA financing; and VA home financing.
Jeff Farnham (NMLS# 89796), President of JTS & Co., says, “We have home financing advisors who are dedicated to matching customers with the financing deal that best meets their needs. We recognize that each borrower has their own unique financial background and goals. That’s why we provide a diverse portfolio of products for all types of home buyers and homeowners who want to purchase or refinance. Whether you’re buying your first home or forever home, an investment property, are self-employed, or high net worth, we’ll find your home financing solution with your best rate.”
The conventional home financing agreement requires a minimum down payment of 5 percent. They also provide additional expanded conventional home financing programs that require a 3 percent down payment. The features of a conventional home financing include fixed interest rates with options for 10 year or up 30-year terms; down payments less than 20 percent required to have private mortgage insurance; and closing cost can be paid by seller with limitations.
JTS & Co. also offers multiple options for FHA home financing deals. There are various features of such a home financing arrangement. These include being a great option for first-time homebuyers; the loan may be used for both buying and refinancing transactions; buyers are required to put 3.5 percent of the sales price as a down payment; possibility of refinancing at JTS & Co. without the need for an appraisal; and more.
People who would like to learn more about the services offered by JTS & Co. can visit their website, contact them via telephone or email, or view the company Facebook page.
For more information about JTS & Co. - NMLS #55275, contact the company here:
JTS & Co. - NMLS #55275
Tyler Farnham - NMLS#1450553
4158 Hwy. 45 North,
Columbus, MS 39705