Fannie Mae Loans

Low to Middle Income Mortgages
About Fannie Mae
Fannie Mae's primary goal is to ensure that low to middle income citizens can qualify for a home loan. In the 1930s, Congress established the Federal National Mortgage Association to help homeowners refinance their homes. Before this, mortgages were typically only 5 years, with a balloon payment at the end. Homeowners would usually have to take out a new mortgage, or refinance, in order to pay the balloon balance. After the Great Depression, banks were refusing to issue new mortgages. This is when the Government stepped in to create Fannie Mae.

Fannie Mae does not receive funds from the government; in fact, they are one of the United State's biggest taxpayers. Fannie Mae does not lend money directly to borrowers; instead they buy Federal Housing Administration (FHA)-insured home loans under $417,000 from mortgage companies. The mortgage companies can then use that money to make more mortgages for low to middle income home buyers.

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Home Buying Vocabulary
  Equity Line
Line of credit based on the amount of equity in your home.
Frequently Asked Question
What is earnest money?
Answer:
Earnest money is good-faith money that you put down with an offer to buy a house. This money, which can be just a couple thousand dollars, is applied towards your predetermined down payment. Putting some earnest money with an offer demonstrates that you are serious about your offer. If your offer is rejected, you get your earnest money back, however, if you back out of the deal, you do not get it back.
Fannie Mae Loan Modications
Besides helping home buyers get approved for a home loan, Fannie Mae also is available to help homeowners modify their mortgages in order to reduce payments. If you are in need of a modification to an existing mortgage, you should contact your current bank or mortgage company to see what options are available.

NationalFinancer has relationships with many lenders that participate in the Fannie Mae Home Loan Program. Use the form above to receive a free, no obligation home loan quote today.
See Also
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