Google News article The Federal Housing Finance Agency is requiring some borrowers to pay more for their mortgages, including Fannie and Freddie, in order to get them into repayment.
The FHA allows some borrowers who have outstanding loans to pay them more than the cost of their mortgages.
But borrowers who make less than $200,000 a year have to pay just 10 percent of their income on their mortgage, while those making more than $250,000 have to be paid 25 percent.
The new rule, which takes effect in February, means that Fannie borrowers who qualify will now have to cover at least 80 percent of the cost, a much higher amount than before.
FHA borrowers are still able to pay off their mortgages through income-based repayment plans that can be used until they are 60.
The rule requires borrowers to make monthly payments to FHA and HUD.
For borrowers who need FHA assistance, the average monthly payment is now $1,050, according to Fannie.
It also requires borrowers with loans under $200 to repay at least 75 percent of all the loan amount, a higher percentage than before the rule took effect.
The requirement also applies to FHFA loans.
If a borrower fails to pay FHSA or HUD on time, they could lose their loan and face eviction.
The rule also says borrowers who are denied HUD loans can’t apply for another FHA loan until they pay the full loan amount.
The FHA says it will make adjustments to the FHA rules for borrowers with higher incomes.
“The FHHA is providing the borrower with a loan that’s the best option available,” said a spokesperson for the agency, which oversees FHA, HUD, and other consumer lending agencies.
“For borrowers who do not qualify for a FHA student loan, HUD will assist them with an alternative loan that will work with their existing loan.”
Read more about Fannie, Freddie, and HUD loans:Read more news about FHA:Read or Share this story:FHA student loans have been at the center of recent financial troubles for borrowers, and they are set to continue that turmoil with the Fannie loan refinancing program.
The program allows Fannie lenders to refinance existing FHA mortgages at significantly lower rates, giving borrowers who would normally qualify for the government-backed loans an opportunity to refortify their loans.
The administration said in January that it would not renew the FHACL program until it got approval from the Federal Housing Administration for the program to continue, and the FHC issued a memorandum stating that it did not intend to renew the program until the FAA had approved it.
The Treasury Department has also been trying to sell off the FHS and HUD properties in a deal with JPMorgan Chase.