Lending Instituions
  • Fannie Mae: usually offers lower rates but have many restrictions. Ex: Limit on the property value.
  • VA: for eligible veterans. Lower down payments and lower rates since Veteran Administration guarantees it.
  • Commercial loans: higher rates but less restrictions.
About Fannie Mae
  • In 1938, the Federal government established Fannie Mae to expand the flow of mortgage money by creating a secondary market.
  • Goals: to help more families achieve the American Dream of homeownership.
  • They do not lend money directly to home buyer. Instead, they work with lenders to make sure they don't run out of mortgage funds, so more people can achieve their goal of homeownership.
  • American Dream Commitment consists of a six-point plan:
    • Mortgage Consumer Rights Agenda
    • National Minority Homeownership Initiative
    • Opportunity for All Strategy
    • America's Living Communities Plan
    • Homeownership
    • Affordable Rental Housing Leadership Initiative
Fannie Mae Products
My Community Mortgage
  • For low to moderate income borrowers with more flexible terms
  • Low mort insurance requirement
  • 20% for 100% LTV
  • LTV up to 100%
  • Down payment as low as $500
  • Non-traditional credit accepted
  • Borrower income limits-no more than median income in the region
Expanded Approval Mortgages
  • For people with credit problems
  • Will be able to lower interest rate if mortgage payments are made for 24 consecutive months.
  • $500 or 3% down payment
Flexible 100 and Flexible 97 Mortgages
    Flexible 100
  • Little or no down payment
  • Only $500 towards closing costs
    Flexible 97
  • 3% down payment: flexible sources of funds such as gifts or loans from family members
The ample staff at our disposal allow us to provide superior customer service.
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