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
  Loan-to-Value Ratio
The relationship between the amount of a home loan and the total value of the property.
Frequently Asked Question
What sort of down payment might I need to buy a home?
Answer:
Every lender offers different loan programs, but you are likely to find numerous down payment options regardless of which lender you choose. It is relatively easy to find loan programs which offer little or no money down, depending on the type of loan and your financial profile.
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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