If you’ve bought a home in the last 24 months or have followed Real Estate news you most likely will have heard the name Fannie Mae, but who is Fannie Mae and why is this name important?
In this article we will provide you with information on Fannie Mae and how important this company is to homebuyers across the United States.
About Fannie Mae
Also known as the Federal National Mortgage Association (FNMA), Fannie Mae has played an integral part of the mortgage market in the United States since its founding in 1938.
The primary purpose of Fannie Mae is to help local banks by providing them with Federal money so they can finance home mortgages.
With Fannie Mae hundreds of thousands of people across the United States have been able to become homeowners since the 1930’s and their work has also helped the entire mortgage market as a whole because everyone from loan originators and banks have been able to make more money thanks to Fannie Mae.
Fannie Mae and Homepath Loans
Although Fannie Mae has seen its share of difficulties over recent years including a bailout following the collapse of the Real Estate market in 2007, the lender continues to play a major part in the U.S. mortgage market especially with their Homepath loan which makes it possible for a homebuyer to get a mortgage loan with a low down payment and no appraisal.
Fannie Mae Improvements
Thanks to recent improvements that they’ve made to their tools and system it’s now easier than ever before for borrowers to get a Fannie Mae loan and these improvements will not only help the borrower have more confidence in their mortgage loan but these changes will also help lenders as well.
“Fannie Mae wants to be the partner of choice for lenders,” said Timothy J. Mayopoulos, President and Chief Executive Officer, Fannie Mae. “Our aim is to help lenders serve their customers efficiently so that more qualified borrowers have access to mortgage credit. We are enhancing our offerings, improving our tools and innovating through the technology we provide to our customers. Our goal is to make sustainable homeownership a reality in communities across the country while reducing risk for taxpayers.”
Search for a Southern California Home
To learn more about Fannie Mae, or to search for a Southern California home, contact Fred Sed Realty by contacting us at (800) 921-9231