Fannie Mae Lenders & Programs

Fannie Mae's existing programs include: Biweekly Mortgages, Flexible Mortgages, Home Style Construction to Permanent, Home Style Renovation, and My Community Mortgages. The following summaries of these programs will help the refinance and mortgage loan consumer become familiar with loan options before the purchase of a refinance or mortgage loan. A well informed and educated consumer is more likely to make the appropriate choice in refinance or mortgages loans based on individual needs and finances. These programs are designed to meet a multitude of consumer circumstances.

  • Refi Plus - A refinance loan available for borrowers who are current and up to date on payments with their existing loans. It also allows the borrower to take advantage of the current low interest rates, with  up to 125% LTV (Loan to Value-how lenders calculate the equity available in your home) without having to get new mortgage insurance and having a minimum credit score.
  • Biweekly Mortgages - Is simply as it implies-the borrower makes two mortgage payments a month instead of one. It enables the borrower to save thousands on loan interest and pay off the loan sooner.
  • Flexible Mortgages - Enables the homeowner with good credit a high LTV and minimal down payment. Where the borrower gets the money for the down payment is flexible, such as gifts or loans from family.
  • Home Style Construction to Permanent - Allows the first time homeowner to borrow money to build a home.
  • Home Style Renovation - This loan helps people who buy a home that is in need of repairs, or refinance an existing home that needs repairs and incorporate the repair loans into the existing mortgage. The loan is based on an “As-Completed” value rather than the unimproved present value.
  • My Community Mortgage - This is for families with moderate to low income, who have limited funds for closing and down payment. It also offers community servants such as police officers, firefighters, teachers, military members, and health care workers LTVs of up to 97%.
  • Reverse Mortgages - Are for people 62 years and older. This is a home loan based on the equity of their home. The borrower may borrow against the home equity and not have to pay the loan back as long as they remain in the home. This loan is helpful for seniors who are having difficulty keeping up with the cost of living increases.

Borrowers should be aware of all the options that are available to them and become familiar with what specifics are involved in various loans. Go to eFannieMae.com and learn more. Don’t be afraid to ask your lender about these various loans and together find out what is best for your personal needs and financial situation.

 

More

Government Mortgage Programs