What is FHA 203b loan?

An FHA 203(b) loan is a mortgage through a lender that’s insured by the Federal Housing Administration (FHA). Buyers can use the loan to refinance or purchase a home with as little as 3.5% down. FHA 203(b) loans can finance single-family or small multifamily homes, provided the borrower lives on the property.

What is FHA 203b loan?

An FHA 203(b) loan is a mortgage through a lender that’s insured by the Federal Housing Administration (FHA). Buyers can use the loan to refinance or purchase a home with as little as 3.5% down. FHA 203(b) loans can finance single-family or small multifamily homes, provided the borrower lives on the property.

Is Ellie Mae a government agency?

Ellie Mae—which despite having a name remarkably similar to Fannie Mae and Freddie Mac, is not a government-sponsored entity, but is rather the financial tech company headquartered in California that has become the standard in mortgage financial tech—has recently changed hands.

What is an SFC code?

The following is a list of Fannie Mae’s published special feature codes (SFC) applicable to delivery of single-family mortgage loans. Lenders should also review their Lender Contract, variances or special requirements to determine if other SFCs are required at delivery.

How many types of refinance loans are there?

three varieties
Refinance mortgages come in three varieties – rate–and–term, cash–out, and cash–in. The refinance loan option that’s best for you will depend on your personal finances. Refinance rates vary between the three types.

Who owns encompass mortgage?

PLEASANTON, Calif. – February 6, 2017 – Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today that it has launched a new version of Encompass, its all-in-one mortgage management solution.

Is Freddie Mac a government entity?

Is Freddie Mac a government agency? No. Freddie Mac was chartered by Congress as a private company serving a public purpose. On September 6, 2008, the Director of the Federal Housing Finance Agency (FHFA), appointed FHFA as conservator of Freddie Mac.

What is Fannie Mae special feature codes?

Introduction to Special Feature Codes (SFCs) The Fannie Mae Selling Guide requires sellers to include specific Special Feature Codes (SFCs) as part of the delivery for certain mortgage loans. If a seller fails to identify or incorrectly identifies applicable SFCs, Fannie Mae may impose a compensatory fee.

What is FNMA special feature code 180?

Auto-Derived SFC Listing

Auto-Derived SFCs
SFC SFC Name ULDD Enumerated Value
180 Loan Does Not Have Flood Insurance – Property Not in a Special Flood Hazard Area FALSE
FALSE
211 Correspondent Third-Party Origination Correspondent

What is auto refinance?

What is an auto refinance? Refinancing your auto loan is a very simple, straightforward process. You essentially apply for a new auto loan, which pays off your current loan. This results in a new interest rate, a new loan agreement, and a new loan term (the length of your loan in months).

What does it mean to refinance a car?

Refinancing your car means replacing your current auto loan with a new one. The new loan pays off your original loan, and you begin making monthly payments on the new loan. The application process for refinancing doesn’t take much time, and many lenders can/may make determinations quickly.