They also help in providing the paperwork you need as you move forward toward buying. FNMA’s many resources link you to the team of professionals that will help you along. The tasks of understanding the application process, determining what you can afford, learning your eligibility, finding an agent, and locating a Fannie Mae Homepath property are clearly broken down into small steps. Related: Housing Market Predictions for 2018įannie Mae can help you get started with your new mortgage with an assortment of tools and resources. The Fannie Mae Selling Guide has a section that focuses on what qualifies a lender to be approved by FNMA. Borrowing from an FNMA-approved lender is one small way that you, as a borrower, might protect yourself from financial harm. It can be easy to spiral into bad debt whether you have fallen on hard times or have been taken in by a sub-prime lending scheme.

Mortgage lending can be a predatory industry. The good news for soon-to-be home-buyers is that Fannie Mae does not work with lenders who are not in their good standing. Image CC by 2.0, by Scott Lewis, via Flickr Fannie Mae is the link between the lending industry, the federal government, and private investors. This is usually simple because most banks and mortgage companies are already Fannie Mae approved.

It is important to understand that FNMA is not a primary mortgage lender rather, a prospective home buyer would apply for a mortgage through a Fannie Mae-approved lending institution. But, Fannie Mae’s Know Your Options website provides users with useful information for home buying and refinancing. Taking the first step might be the most intimidating of all. It is best to know as much as you can in order to protect your finances and your investment. Buying a home is a big decision and not one that anyone makes lightly. The journey toward home ownership can often be a long and daunting one, even for experienced buyers. The function of the FNMA, Fannie Mae, has been to make mortgages more available to more lower and middle-income buyers.

Her proper name is the Federal National Mortgage Association (FNMA). We’ve all heard of Fannie Mae, but who is she? In a nutshell, “she” is an American government-sponsored enterprise (GSE) that specializes in housing loans and secondary mortgages to potential homebuyers.

How to purchase fannie mae foreclosures