How to use Fannie mae in a sentence
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Loans that conform to the limits are known as conforming loans and are eligible to be purchased by both Fannie Mae and Freddie Mac.
Insurance companies, banks and other large investors step in to fill the need for maximum mortgage amounts ranging beyond the limits set by Fannie Mae and Freddie Mac.Advertisement
Both Fannie Mae and Freddie Mac work to cultivate mortgage lending that promotes increased home ownership.
Mortgage lenders sometimes package a group of mortgage loans and sell them to Fannie Mae, and this means that Fannie Mae has an interest in homeowners making their payments beyond mere concern for the well-being of the housing market.
In other words, Fannie Mae foreclosures cost the organization money.
On the other hand, lenders usually work willingly with Fannie Mae because of the financial relationship they have with this organization.
Potential buyers can search for Fannie Mae foreclosures using the tool on the official Fannie Mae website.Advertisement
Properties are usually brokered through a local real estate agency, and the usual closing procedures will apply when purchasing a foreclosed home offered by Fannie Mae.
These are loans which fall within the monetary limits set by Fannie Mae.
While it is possible to go beyond these limits and to enter into the realm of jumbo loans, if you want to remain within the monetary boundaries of conventional loans you will not be able to exceed the Fannie Mae limit.
In 1968, Fannie Mae was re-chartered under an act of Congress to become a company solely owned by shareholders.
Mortgage lenders are not mandated to follow these requirements, but most lenders do choose to follow the requirements to allow the mortgage to be purchased by Fannie Mae or Freddie Mac.Advertisement
Has a fixed or adjustable rate home mortgage that is owned or guaranteed by either Fannie Mae or Freddie Mac.
The program encourages homeowners, lenders, Fannie Mae and Freddie Mac to work together to modify or refinance existing home mortgages.
The stimulus program allows mortgage loans that are guaranteed or owned by Fannie Mae or Freddie Mac to be modified.
In early 2009, President Barack Obama signed an initiative aimed to help five million borrowers refinance their homes if the mortgage is owned or guaranteed by Freddie Mac or Fannie Mae.