Fannie Mae announces relief for investors
By Eric Reid
(Renaissance Realty Group of Keller Williams Atlanta Partners)
Fannie Mae announces relief for investors Fannie Mae announced that its new Payment Reduction Plan (PRP) will provide forbearance for borrowers who are ineligible for the Home Affordable Modification Program (HAMP). The mortgage principal and interest payments will be reduced by up to 30% for borrowers qualified for PRP, which replaces Fannies HomeSaver Forbearance program. PRP reduces the payments by 30% rather than the previous 50% under HomeSaver Forbearance, because permanent solutions are closer to 30%, Faith said. Faith added that non-owner-occupied properties became eligible under PRP, and owners will receive new options and support for their investment properties and second homes even though they do not fit under the HAMP umbrella. The US Treasury Department provides cappe...
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