Who is Fannie Mae? How can Fannie Mae help a home buyer? What is Fannie Maes low-down program? What is the Community Home Buyers program? Are there Fannie Mae programs for inner cities?
Welcome to OurValleyHomes.com Who is Fannie Mae? Fannie Mae is a congressionally chartered secondary-mortgage market company that buys loans from private lenders. Because the firm is so big and has been involved in purchasing packages of loans from lenders for 30 years, it has enormous influence on the mortgage market. For more information, call Fannie Mae at (800) 732-6643. How can Fannie Mae help a home buyer? Fannie Mae’s Community Home Buyers loan program allows first-time buyers with little cash to obtain 95 percent financing. Participants may put down as little as 3 percent of their own money, with the remainder permitted in the form of a gift from family members, a government program or nonprofit agency. Mortgage insurance is required on all loans above 80 percent loan-to-value ratio when borrowers do not use their own funds for at least 5 percent down. The program is administered through participating lenders. There are income limits in different states.
Related Questions
- Who is Fannie Mae? How can Fannie Mae help a home buyer? What is Fannie Maes low-down program? What is the Community Home Buyers program? Are there Fannie Mae programs for inner cities?
- Is MGIC’s RTM Program only available for Fannie Maes Home Affordable Refinance options or Freddie Macs Relief Refinance MortgagesSM?
- Can the Making Home Affordable Program Help Me if My Loan is Not Possessed or Assured by Fannie Mae or Freddie Mac?
