Fannie Mae, public/private purchaser of many residential mortgages announced today that they have revised their guidelines. This means that all conforming loans, the loans that have the lowest interest rates and the best terms, will now have to conform to a new set of standards. The revised guidelines will negatively affect borrowers with low credit scores and borrowers who have had past credit issues. While they did not directly mention a fee increase for the loans they purchase, it is widely expected that they will follow Freddie Mac and add fees for riskier loans.
Individuals with a bad credit rating and money problems regularly need a fast loan. However, they face restrictions when borrowing money from high street banks because of the risk of loan default. Whilst a homeowner can get a bad credit loan because of the provision of collateral, it can take many weeks to complete. Most fast loan requirements also tend to be for smaller sums so secured loans aren’t suitable.
NELNET, an educational planning and lending company, does not offer private student loans. Instead, its entire lending portfolio consists of Stafford Loans and PLUS Loans offered through the Federal Family Education Loan Program (FFEL). Considering that NELNET is one of… Continue Reading →
There are many reasons for a poor credit rating, including bankruptcy, late payments, poor ratios, and excessive credit inquiries. It is possible to improve a credit rating, despite these factors. Consumers typically work to improve credit ratings in order to… Continue Reading →